Changing Needs Option.

A flexible way to plan for retirement.

As retirees are living longer than ever before many are beginning to consider the risk of outliving their retirement savings. Our Guaranteed Lifetime Income Annuity1 helps provide peace of mind because it comes with the guarantee that you cannot outlive your retirement income.

As an elective feature of the Guaranteed Lifetime Income Annuity, the Changing Needs Option gives you the flexibility to increase your payments by up to five times the original amount at a future date of your choosing.

This choice means you can realistically plan for expectations of increasing health-related expenses or other life events, such as a child’s wedding or a grandchild’s college education. And if you expect your retirement income needs to lessen when you’re older, you can use the Changing Needs Option to decrease payments by up to one-half of the original amount at a future date.

Given the flexibility of the Changing Needs Option, you can use it in a variety of ways:

  • To make asset withdrawal planning easier. By electing a higher payout from your Guaranteed Lifetime Income Annuity in the future, you can help meet your future retirement income needs. This, in turn, provides you with freedom to spend down your current assets with peace of mind.
  • To help manage your cash flow. You may be thinking about retiring one step at a time, say from semi-retirement to full retirement over a number of years. You can customize your Guaranteed Lifetime Income Annuity in such a way as to provide lower payments in the early years when you are still working (or are semi-retired) and larger payments when the funds may be most needed.
  • To help deal with short-term expenses. You may want higher payments early in your retirement if you have known short-term expenses, such as a mortgage that you will pay off within a few years. You can plan ahead for this changing need by electing to have your income annuity payments reduced for when you expect your mortgage payments to end.

Please note that not all Guaranteed Lifetime Income Annuity features are available in all jurisdictions and certain other restrictions may apply.2 Contact a New York Life agent today to learn how the Changing Needs Option—one of only several optional features—can help provide you with peace of mind in retirement. For most jurisdictions, the policy form number for the New York Life Guaranteed Lifetime Income Annuity is ICC11-P102 (it may be 211-P102). State variations may apply.

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Further Reading
  • 1The Guaranteed Lifetime Income Annuity is issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company. In jurisdictions where the Changing Needs Option is not approved, the issuer is New York Life Insurance Company.
  • 2The Changing Needs Option is not available on tax qualified plans or with a joint life option, nor is it available in all jurisdictions. The annuitant must be age 80 or greater at the issue date, and the policy owner must be age 59½ or older when the first income payment is made. The Changing Needs Option must be elected at issue, and the exact date and percentage of the “changing need” must be determined when the policy is purchased. The one-time adjustment must occur before the annuitant’s 91st birthday.