New York Life to expand access to guaranteed lifetime income through Fidelity Freedom® Lifetime, alongside Nationwide

New York Life | June 10, 2026

Newly announced target date solution will integrate guaranteed lifetime income, aiming to help more Americans turn retirement savings into predictable income.

New York Life has been selected by Fidelity Investments, alongside Nationwide, as insurers on Fidelity Freedom® Lifetime, a recently announced target date solution designed to help participants in employer-sponsored defined contribution retirement plans save for retirement and build more predictable income in retirement. The offering is expected to be available to plan sponsors on Fidelity’s recordkeeping platform in early 2027.

Fidelity Freedom® Lifetime combines Fidelity’s target date investment strategy with the option for employees to convert a portion of their retirement savings into guaranteed lifetime income. It will include a strategic allocation to an insurance pool through New York Life and Nationwide.

For New York Life, this offering reflects a continued focus on bringing guaranteed income into workplace retirement plans.

“We’re proud to bring our deep expertise in guaranteed income solutions to Fidelity Freedom® Lifetime, an important step in expanding access to retirement income for participants,” said David Cruz, head of Institutional Annuities at New York Life. “With our long-term focus, supported by our mutual structure and financial strength, and deep experience delivering income for life, we are well positioned to help participants turn their retirement savings into reliable, lifetime income.”

Learn more about New York Life’s retirement income solutions.