New York Life Guaranteed Future Income Annuity II Review

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Redefine your means in retirement so you can do more of what matters.

More guaranteed income to count on when you need it to count.

It’s taking that second vacation instead of giving it a second thought. It’s planning a room renovation with confidence instead of planning it with doubt. It’s spending more time with your family instead of worrying about how much you’re spending. It’s redefining your means instead of living within them.

It’s having more guaranteed income in retirement instead of just enough.

You’ve worked hard and done all the right things to plan for your retirement. Now keep a good thing going by adding more guaranteed income to your monthly cash flow. You’ll be able to spend more confidently in retirement, knowing that a portion of your income will always be guaranteed.

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How can you do it?

A guaranteed income annuity from New York Life can help provide the guaranteed income your retirement deserves. You receive a “pension-like” guaranteed income stream for life.1 Simply put, it’s more income you can count on no matter what.

Your retirement, your income, your way.

More guaranteed income in retirement means more opportunities to live the lifestyle you want—and only you know what you want. That’s why a guaranteed income annuity from New York Life offers many ways to customize your income. So whether you’re heading toward retirement or you’re already there, you can expect:

1. A guaranteed lifetime income stream that starts when you need it to

2. Fixed income payments that are not subject to market ups and downs, backed by a company you know and trust

3. The ability to adjust your income to meet current economic conditions

4. Control over when you receive your money

5. Additional features to access your money if you need it

6. Income covering the lives of one or two people

7. Potential legacy options for your beneficiaries

How guaranteed income annuities work.

A guaranteed income annuity provides you with a worry-free stream of guaranteed income. You can purchase one before or after you retire. The money in your annuity—which you invest as a lump sum or in a series of payments, depending on the policy you choose—generates a stream of income paid out to you for life. The amount of income you receive depends on several factors, including your age, gender, premium amount, and your chosen payout option.

New York Life offers several guaranteed income annuities to match your needs. Depending on the one you purchase, you can begin receiving income immediately or as far out as 40 years. Once it starts, this income will last for your entire life.

It’s your money, so you have some additional access to it as well. And you can further maximize your guaranteed income by adding additional features to your annuity. Ask your representative for full information on all the guaranteed income annuities we offer.

Don’t just look forward to a long retirement. Expect it.

Most people underestimate how long they’re going to live. This means they also misjudge how long their money will need to last. Chances are, a long retirement is in your future. How long? Here’s some data on the likelihood of a current 65-year-old living 10, 20, and 30 more years.

By the way, a guaranteed income annuity lasts for your entire life—no matter what the data says.

The likelihood that a 65-year-old lives to be...
  Male Female One member of a couple
75 Years Old 89.0% 91.3% 99.0%
85 Years Old 63.4% 70.5% 89.2%
95 Years Old 20.1% 28.5% 42.9%
Source: 2012 IAR Mortality Table

Nine reasons to consider guaranteed income annuities.

1. They last a lifetime.

Receive income for your entire life.

Did you know that most people underestimate how long they are going to live? Over half of pre-retirees estimate life expectancy to be below the national average. Chances are, a long retirement is in your future.

So let’s plan accordingly. The income from a guaranteed income annuity ensures that no matter how long your retirement is, you will be covered. And since you cannot predict how long your retirement will be, let New York Life eliminate the guesswork.

2. They are dependable.

Enjoy guaranteed income that’s not tied to market fluctuations.

A lot of folks withdraw money from their investments to help pay for retirement. But stock market losses can have a significant impact on this strategy. Think about it: withdrawing money from a declining investment can quickly shorten the timeline for how long it will last.

By adding a guaranteed income annuity to your overall portfolio, you can remove some of this risk and unpredictability. That’s because the income you receive isn’t tied to the stock market, and you can count on it for the rest of your life.

3. You can keep up with inflation.

Use optional features to help maintain your purchasing power.

Testimonial Image
We wanted to establish a bit of extra income. There was a good recommendation about on CNN. We also liked that we could see excellent reviews about them on Google. They were very thorough from our first inquiry to when we decided to buy our annuity from Mass Mutual. They always answered our questions promptly and followed up with the insurance company, too. We have been receiving our monthly payments since last November and couldn’t be happier. What more can we say?
Keith and Samantha Isley
Read 650+ verified reviews

Over the past few decades, rising prices for gas, groceries, and education serve as clear examples of inflation’s impact on our lives. Conveniently, guaranteed income annuities offer optional features to help protect your income from the effects of inflation, allowing you to keep up with current economic environments throughout your retirement.

4. They’re perfect for rollovers.

Turn existing retirement plan assets into guaranteed income for life.

Do you have money sitting in a 401(k) from a previous employer? Are you trying to figure out what to do with your IRA, 403(b), or employer-sponsored retirement plan? Rolling some, or all, of those assets into a guaranteed income annuity is an easy way to turn that money into exactly what it was intended for—a steady stream of income you can count on for the rest of your life.

5. They are designed just for you.

When do you need your income?

Income Now

Start receiving your income immediately or within the next year.

Income Later

Defer your income until a later date. By doing so, you can benefit from higher payout rates and make smaller premium contributions over time, as opposed to one larger lump sum.

How often would you like to receive your income?

Choose the frequency of your income payments: Monthly, Quarterly, Semi-annually, Annually

Do you foresee your income needs changing?

A New York Life guaranteed income annuity is not one-size-fits-all. There is a wide range of options available that can help you meet future needs. Ask your representative for a fact sheet for full information on all the products and options available to you.

6. They can cover your loved ones, too.

Share your income through joint ownership.

If you want your income to also cover a loved one in retirement—like a spouse or a grandchild—you can purchase a joint-life guaranteed income annuity. By doing so, you’ll ensure that income will be paid to both of you throughout your lifetimes.

7. You may get more income than you would from alternatives.

Create higher income amounts than other types of strategies.

Each income payment you receive from a guaranteed income annuity is comprised of three things:

1. A return of your premium (the money you put into it)

2. Interest (the money we earn by investing your premium)

3. A component from risk pooling (something only an insurance company can provide).

The third component is why other strategies will likely yield lower income amounts. Only insurance companies— like New York Life—can leverage risk pooling to help provide more income.

8. They help simplify planning.

Meet Required Minimum Distribution rules automatically.

Required Minimum Distributions (RMDs) are amounts of money the IRS requires you to withdraw from your tax-qualified retirement plans after you reach age 70½. These distributions can be confusing and bothersome to calculate, and the IRS can charge you significant penalties if you fail to take them.

If you’re taking RMDs on qualified retirement plans now—or will need to eventually—you may want to consider rolling those assets into a guaranteed income annuity. By doing so, the income you receive from these assets (after the first year of purchase) should automatically satisfy your RMD requirements. Other qualified assets outside the annuity will still have an RMD requirement to satisfy annually, but these assets won’t.

9. Your money can be passed to your heirs.

Leave a legacy to those who mean the most.

A common misconception about annuities is that the insurance company keeps your money when you die. In truth, a guaranteed income annuity allows your income to pass directly to your beneficiaries upon your death. Payout options vary, and can be used to maximize your income or create a legacy. If an option with a death benefit is chosen, the benefit can be delivered in a lump sum or in installments, and typically allows your loved ones to bypass the lengthy and costly probate process. Of course, death benefits are contingent on the payout option you choose and the amount of income you receive over the life of the policy.

Enjoy more with less worry.

What’s a safe amount to withdraw from your investments each year?

The information below shows how long a growing $500,000 investment will last at different withdrawal rates. These time frames are shorter for a declining investment. Having more guaranteed income can help optimize your overall portfolio, taking pressure off withdrawals when you need to make them. And when you do take money out, you can do it more confidently, with less worry, knowing that you have more guaranteed income to count on in retirement.

A yearly withdrawal rate of... ...will last
5% 32 years
6% 24 years
7% 19 years
8% 16 years
9% 14 years

No matter what your situation, a New York Life guaranteed income annuity can be adapted to your needs.

Let's do more.

Having the freedom to pursue what you love, and feeling good about it—that’s what retirement is all about. And having the income to fuel those pursuits is what a sound retirement plan is all about.

By using just a portion of your assets, a New York Life guaranteed income annuity will generate a steady stream of income you can count on for life. So no matter how long your retirement lasts, you’ll always know it’s there, guaranteed. That’s something to feel good about.

Not looking for lifetime income?

Some folks may not need another guaranteed income source to last the duration of their lives. For some, a temporary source of guaranteed income will help bridge the years between when they need it and when they don’t. For example, some people only need the added income from when they stop working to when they start collecting Social Security. If you think you’re one of these people, we have a unique product for you. Ask your representative for more information.

Why choose New York Life?

New York Life Insurance and Annuity Corporation and its parent, New York Life Insurance Company, have always been in the business of serving people and preserving their dreams. And along the way, financial strength and responsibility have seen us through all the ups and downs of the market. But not only are we fiscally responsible partners, we’re a company that cares, made up of people who are a lot like you. We know what’s at stake, and we’re determined to help our customers make their money last—today, tomorrow, and decades from now.

So how do I get started?

You’re already on your way. Contact your representative to take the next step and ask for a fact sheet on any product you’re considering. Keep in mind that New York Life does not provide tax or legal advice—it’s important to consult your own tax or legal advisors for questions in those areas. Together, we’ll make your biggest retirement dreams a reality.

Specifics of the Guaranteed Future Income Annuity II

Product type

A flexible premium deferred income annuity that provides a stream of income payments guaranteed for the life, or lives, of the annuitant(s), beginning on a date chosen by the policy owner.

Issue ages

-Qualified: 18–68½, owner/annuitant; joint annuitant can be 18–68½ and must be a spouse.

-Nonqualified: 0–75, owner(s)/annuitant(s);

-Roth IRA: 20–75 (Owner/annuitant(s) with a Roth IRA in place for at least five calendar years before the year in which income payments start. Policy owner must be at least 59½ when income begins, not at purchase. Annuitants must independently satisfy both the 5 year holding period and age 59½ income start date requirements).

-Qualifying Longevity Annuity Contract (QLAC): 31–80, owner/annuitant(s)

Flexible premium

-Additional premium payments may be made any time up to two years before the income start date.

-Future income payments are based on rates at the time each individual premium payment is made.

Minimum initial premium


Minimum subsequent premiums


Deferral periods

-Minimum of 2 years

-Maximum of 40 years. However, income payments must begin by age 85, or by age 70½ for qualified policies. For QLACs, income payments cannot begin before April 1 in the year after the owner turns age 70½, and income payments must begin by the first day of the month following the annuitant’s 85th birthday.

Income start date

-Selected at time of purchase

-The flexible income start date feature6,7 allows the policy owner to accelerate the start of income payments to any date 13 months after the latest premium payment or defer income payments up to five additional years from the original income start date selected. This option may be exercised once and is not available on Life Only policies.

Payment options

Life Only: Provides income payments beginning on the income start date and guaranteed for one life (or two lives for a Joint Life Only policy). Generally, it provides maximum lifetime income per premium payment. Payments stop at the annuitant’s death. For theJoint Life Only option, income payments continue as long as one annuitant is alive and stop at the death of the last surviving annuitant. There is no death benefit.

Life with Period Certain: Provides income payments beginning on the income start date and guaranteed for one life (or two lives or a Joint Life policy), or for a guaranteed period (10 to 30 years, chosen at the time of purchase), whichever is longer. If the annuitant (or either annuitant in a Joint Life policy) lives beyond the guaranteed period, payments will continue as long as the annuitant is living. If the annuitant (or both annuitants in a Joint Life policy) were to die prior to the end of the guarantee period, income payments would continue to the beneficiary(ies) for the remainder of the guarantee period.

Life with Cash Refund: Provides income payments beginning on the income start date and guaranteed for one life (or two lives if a Joint Life policy). This option guarantees that, if the annuitant (or both annuitants for a Joint Life policy) dies before the income payments received equal the premium paid, the beneficiary(ies) will receive a lump sum equaling the premium less all income payments received.

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