Retirement can last a long time. A person who turned 70 in 2005 could expect to live to 85 years old, on average*. And since that statistic is an average, it means that half of those people have a chance of living longer. A fixed immediate annuity is a simple way to make sure there will be money coming in, no matter how long you live—helping to protect against the risk of outliving your savings.

You’ve more than likely saved some money to supplement your Social Security or other retirement income, but you want to ensure that it will be enough to cover your living needs for the rest of your life. A fixed immediate annuity can be a way to take some of these supplemental savings and convert them into another guaranteed source of retirement income.

This annuity can also provide protection against losing retirement savings if stock market performance declines. Regardless of the financial markets or interest rates, you can feel secure knowing that the amount you receive each month is fixed and will never vary. This can help make it easier for you to stay on budget and plan for housing costs, living expenses or whatever you need.

This article is provided by New York Life for informational purposes only. Neither New York Life, AARP nor its affiliates provide tax, legal, financial or accounting advice. Please consult your own professional for advice specific to your circumstances.

The annuities offered through the AARP Lifetime Income Program are exclusively for AARP members from New York Life Insurance and Annuity Corporation. We’d be glad to send you a free Information Kit, including a personalized Lifetime Income quote based on the information you provide.