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RETIREMENT Convert savings into income, now or later, with annuities

You’ve saved for retirement, but will it be enough? Income annuities can help your savings last by turning them into a stream of guaranteed payments, which act like a pension in some ways.1 Your agent can help you choose an annuity that starts paying when you need it to help you retire comfortably.

How income annuities can help in retirement

Whether you’re getting close to retirement or already retired, we’ll work with you to select an income annuity that protects your savings while supporting your lifestyle.

Guaranteed income

Your retirement savings are converted into an income stream that pays you for as long as you need

Financial reliability

We’ve been paying various benefits to our clients for 178+ years and we always put their financial interests first

Stretching your savings

Alleviate worries about running out of money and possibly earn more with annuities that offer potential dividends2

Personal flexibility

You have options to set the start date and amounts of your income payments, based on your personal needs

You can receive guaranteed income in two ways


Guaranteed income

Pay additional premiums to add value

Payout to loved ones (death benefit)

No market risk

No fees for canceling policy

May provide regular earnings (dividends)

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In some cases

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In some cases

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In some cases

In some cases

In some cases

Common questions about income annuities

Most people think of an annuity as a stream of income that acts like a pension. When you have an annuity, you receive the equivalent of a steady paycheck for the rest of your life, or for as long as you need. Your agent can help you decide how much of your savings to put into an annuity and how you’d like your income stream to arrive.

An income annuity is a good option if you’re planning for retirement or are already retired. Depending on your needs, your agent can help you set up an annuity that starts paying you immediately or at a specific date in the future. When your annuity starts making regular payments to you, it’ll help ensure that your savings last so you can retire comfortably.

An income annuity turns your savings into a stream of guaranteed payments, providing a source of income to support you in retirement. It’s also a good way to spread out your savings so they last. Investments, on the other hand, are designed to help you build wealth over time, well before you need it as cash flow.

Many income annuities include a death benefit for your loved ones. That means they receive a financial payout if you pass away while your annuity is active. Your agent can help you compare annuity options and show you how to include a death benefit. And we’re always available to answer questions and provide guidance.

It may depend on when you plan to retire. If you plan ahead, you can choose a deferred income annuity, which helps your savings to continue growing before you start receiving income payments. But it’s never too late. If you’ve already retired and need income now, immediate income annuities can start making regular payments to you within a month. Your agent can provide details about all of your options.

Yes. When you stop working, an income annuity turns your savings into a guaranteed income stream to help cover expenses for the rest of your life, or as long as you need. This can help you worry less about managing your money and focus more on living your life. Your agent can give you details about all of our income annuities and identify the one that best fits your lifestyle.

Income annuities are considered low risk. You’re guaranteed to receive regular payments for as long as the annuity is scheduled to last, and you won’t lose money. Deferred income annuities can actually help your savings to grow before payments start, but without the risk of losing money.

Learn more about funding your retirement

Why New York Life?

At New York Life, we honor our commitments. In fact, we have the highest financial ratings of all four major ratings agencies.3 So, when it comes to protecting what really matters—like your lifestyle and your future—you know we’ll be there when you need us.

A legacy of stability

Our greatest legacy is helping others protect their legacies for generations — serving policy owners for 175+ years, in good times and bad

Human guidance

Our agents can help address your insurance and financial needs while also providing one-on-one guidance through every stage of your life

In it together

As a mutual insurance company, we’re fully committed to you, not outside investors, meaning that your long-term interests are always our priority

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How could an income annuity support your retirement plan?

Talk to an agent and see what’s possible

1All guarantees are dependent upon the claims-paying ability of the issuers, New York Life Insurance Company (NYLIC) and New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation), a wholly owned subsidiary of NYLIC. All contract and rider guarantees, including options benefits and any fixed subaccount crediting rates or annuity payout rates, are backed by the claims-paying ability of the respective insurance company.

2Dividends are not guaranteed. Dividends, if declared, are payable beginning on the first policy anniversary (i.e., 12 months after issue).

3The “highest ratings currently awarded” refers to the highest ratings currently awarded to any U.S. life insurer, specifically: AM Best A++ (as of 9/30/2022), Fitch Ratings AAA (as of 6/13/2023), Moody’s Aaa (as of 6/28/2023), and Standard & Poor’s AA+ (as of 7/29/2022). Source: third-party reports. Learn more: