You might think of this annuity as a way to help protect against the risk of outliving your savings. It provides a monthly income payment that is guaranteed for life, no matter how long you live.

You purchase this annuity with a single lump sum of money called a "premium."  In return, you receive monthly income payments for as long as you live.  It's a way to turn a portion of your retirement savings into a steady stream of retirement income.

No. This annuity guarantees that your payments won’t change regardless of the ups and downs of stocks or financial markets. Your annuity income payments are locked in and guaranteed.

Since this is an immediate annuity, you’ll receive your first payment one month after your Annuity Certificate is issued.

This annuity comes with a 20 Year Guarantee Feature that provides payments to your heirs if you pass away prematurely. If you die before 20 years have passed, your beneficiary will receive the remaining monthly payments during the 20-year guarantee period. For example, if you received only 10 years of payments before passing away, your beneficiary would receive 10 more years of payments.

No. You are guaranteed to receive your fixed monthly income payment for life, no matter how long you live.

No. AARP only endorses fixed immediate annuities from New York Life Insurance and Annuity Corporation.

You will need to join AARP to be eligible to purchase this annuity, which is available exclusively for AARP members and their spouses or partners. The good news is, it’s easy to become an AARP member, as long as you’re age 50 or older. You can join AARP for just $16 a year.

Yes, the AARP Lifetime Income Plan with 20 Year Guarantee is available to AARP members ages 50 to 77 and their spouses ages 45 to 77.

You can use money you have in a bank account, CD, or just about any other type of savings. You can also use money from retirement accounts, such as an IRA, 401(k), or lump sum pension plan payout.

That depends on the source of the money you use to buy your annuity. If you use tax-deferred or qualified funds — like an IRA or 401(k) — you’ll be subject to taxes on your entire monthly payment, since none of the money will have been taxed before. If you purchase your annuity with non-qualified funds, which have typically already been taxed — funds from checking accounts, savings accounts or CDs — only part of your annuity payment will be taxed. In most cases, you’ll pay taxes on the earnings but not on any money that was used to buy the annuity in the first place. Our trained annuity specialists can provide more information on the phone. You may also want to talk to your own tax advisor if you require specific information regarding your individual situation.

You can purchase this annuity for any amount of $5,000 or more. The money you use will be permanently locked into the contract and access will be limited to the monthly income payments you receive for life. Therefore,  you should not use more than 50% of the assets you’ve set aside for retirement, excluding your home and keep at least $20,000 of savings on hand for emergencies.

If you fund your annuity with non-qualified money – from a checking or savings account or CD – there are two ways that you may be able to access some of your future payments in advance. The Payment Acceleration Feature* allows you to receive six monthly benefit payments in one lump sum. This feature can only be used twice and your regular monthly income payments will resume six months after this feature is initiated. The Cash Withdrawal Feature** allows you to take out 30% of the current value of the payments we would make until we returned the full amount of your annuity purchase price. This feature can only be used once, and using it will reduce the amount of future monthly payments. You must be at least age 59½ to use either of these features. If you used money from a qualified retirement account, such as an IRA or 401(k) to fund your annuity, these two features are not available†. Cash Withdrawal Feature not available in New Jersey and Oregon.

*Proceeds will be taxable at time of receipt. You may wish to consult with your tax advisor.

**Proceeds will be taxable at time of receipt. You may wish to consult with your tax advisor. You will receive 30% of the present value of these payments using interest rates effective at the time of the withdrawal. Present values of these payments will be less than the sum of those payments. Future monthly payments will then be reduced by 30% until payments that we would have made equal the full amount of your initial premium. Details will be provided in the Certificate. Not available in New Jersey and Oregon.

† Use of these withdrawal features within five years of your first income payment could result in a penalty tax if income payments begin prior to age 59½.

Your income is guaranteed by the financial strength and stability of New York Life Insurance and Annuity Corporation, a wholly owned subsidiary of New York Life Insurance Company. We have the highest possible ratings for financial strength currently awarded to any life insurer from the leading independent rating services.

Just request an AARP Lifetime Income Plan with 20 Year Guarantee free Information Kit. Your kit will include complete annuity information, a personalized Lifetime Income quote, and simple instructions and an Enrollment Form to purchase this annuity easily by mail. Or you can Call New York Life at 1-800-590-1455. We have trained annuity specialists available 8 a.m. to 6 p.m. (Eastern Time) Monday through Friday, or 9 a.m. to 5 p.m. Saturday.