New York Life Clear Income Advantage addresses key retirement income concerns, while offering flexibility and access.

New York Life | April 5, 2023

New annuity offering provides confidence and security to navigate a complex retirement landscape.

NEW YORK — New York Life, America’s largest mutual life insurer1, today announced the launch of Clear Income Advantage, a fixed deferred annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider, that offers a combination of income, security, liquidity and flexibility in one retirement income solution.

“In designing Clear Income Advantage, we talked to people near to and in retirement about their top retirement concerns. We heard that the vast majority of individuals in the red zone of retirement – five years before and five years into retirement – are most concerned about macroeconomic factors like inflation, market volatility impacting their savings and healthcare or long-term care expenses. This large segment of investors wants retirement solutions that provide flexible guaranteed income, and many told us it was important that retirement solutions offer them access to their money,” said Todd Taylor, SVP and Head of Retail Annuities, New York Life. “Clear Income Advantage addresses this concern and is the latest addition to our broad suite of income solutions designed to meet more client needs and help people navigate retirement more confidently.”

Clear Income Advantage is a fixed deferred annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider that allows clients to convert a portion of their retirement savings into guaranteed payments that they cannot outlive, helping them cover their most important expenses and maintain their lifestyle. Additional features include:

  • Access to money – Clear Income Advantage policyowners maintain access to their account value before and after their lifetime income has been activated, providing flexibility and options for those whose needs have changed since purchase.*
  • Guaranteed income for life – Backed by the financial strength of New York Life, the #1 provider of annuities and the #1 provider of guaranteed income annuities2.
  • Protection from market volatility – A client’s account value and guaranteed income are never tied to market performance.
  • Opportunity for income growth – Each year clients choose to defer income, their guaranteed income amount will grow based on a predetermined percentage called a Deferral Credit and can increase the withdrawal rate when income starts.

“Planning for a long, secure, financially independent retirement has become more complex over time. Unlike saving for retirement, there is no universally accepted strategy for how and how much to spend when someone reaches retirement. As a result, we see retirees spending less, retreating from higher levels of equity allocation – especially in times of market volatility – and unnecessarily constraining their lifestyles in retirement.” said Taylor. “Our research3 shows that those with guaranteed income as a part of their retirement strategy comfortably spend more in retirement. That’s why we believe it’s important to create solutions, like Clear Income Advantage, that address retirees’ income needs and the behavioral aspects that may be holding them back from enjoying the retirement lifestyle they desire.”

For more information about Clear Income Advantage, visit


New York Life Insurance Company (, a Fortune 100 company founded in 1845, is the largestmutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.4

1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/2022. For methodology, please see
2LIMRA full year 2022 annuity sales
3The Decumulation Paradox, Investments and Wealth Monitor, July / August 2018
4Individual independent rating agency commentary as of 10/18/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).

*Please note, certain withdrawals may be subject to surrender charges or a Market Value Adjustment. Any withdrawals made prior to activating your income will reduce your future guaranteed lifetime income payments. After income starts, any withdrawals exceeding your guaranteed lifetime income amount will also reduce your future income payments.

An MVA only applies when the policy owner surrenders or makes a withdrawal from the contract that is greater than the surrender-charge-free withdrawal amount during the surrender-charge period and will add or deduct an amount from your annuity or from the withdrawal amount you receive based on a formula and the prevailing interest rate environment


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Media contact

Sara Sefcovic
New York Life Insurance Company
(212) 576-4499

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