With immediate income annuities, you can get guaranteed income in retirement.

You’ve done the hard work of saving. Now enjoy the benefits. Let’s begin by looking at a few factors that can guide you while choosing your Immediate Income Annuity.

Guarantees in income

Some people prefer steady payout amounts each and every month. Others want the opportunity to get higher income down the road through potential dividend payments.

How long you want to receive income

Some people want income for life. Others need it for a set period of time.


See which immediate annuity product is right for you.

Guaranteed Lifetime Income Annuities

People who want immediate income with level and predictable payout amounts prefer this option. Enjoy knowing you have a guaranteed pension-like stream of income for the rest of your life.

Lifetime Mutual Income Annuities

People who are willing to get a little less income guaranteed now, for the opportunity to get more later, prefer this option. You’ll still get steady and predictable payouts, but you’ll also have the potential for additional income through non-guaranteed dividends.

Guaranteed Period Income Annuities

Here, you’ll receive income for a specific number of years. This option may be a consideration for people who are looking to bridge the gap between retirement and Social Security or bolster income in the earlier stages of retirement.

Immediate Income Annuity FAQs

An immediate annuity converts a lump sum of money into an income stream that delivers monthly payments for the rest of your life. This type of annuity offers financial security in the form of lifetime income payments.

In most instances, immediate annuity payments are sent to you starting one month after you buy your annuity. When choosing an immediate annuity, you can choose how frequently you receive payments, often referred to as the “mode."

An immediate annuity is the most basic type of annuity. You make one lump-sum contribution. It's converted into an ongoing, guaranteed stream of income for a specified period (as few as five years) or for a lifetime.

For tax-qualified annuities, you will owe taxes on your payouts (since taxes were deferred on the money that was used for your premium). For nonqualified annuities, it’s a little more complicated: You will not owe taxes on the part of the payout that is a return of your premium (since you have already paid taxes on it). But you will owe taxes on the part of the payout that is in addition to your premium.

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All guarantees are backed by the claims-paying ability of the issuer.

Lifetime Mutual Income Annuity is issued by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. All guarantees are dependent on the claims-paying ability of the issuer. Available in jurisdictions where approved. SMRU1798164. The policy form number for the New York Life Lifetime Mutual Income Annuity is 214-P200. State variations may apply.