New York Life sold $100,000,000 of its deferred income annuity since its product launch in July, according to a recent report in Retirement Income Journal. A deferred income annuity allows individuals to build up an inventory of guaranteed future income, gradually, and in advance of retirement, or some future date.
A deferred income annuity is similar to a structured settlement in that you can define your future income. For example I can calculate what it would cost you to buy $2,000/month starting in 5 years and 2 months, that extends for your lifetime. Or you could allocate a certain sum of money each year to buy a series of deferred income annuities to add safety , security and guarantees to your financial future.
New York Life calls its Deferred Income Annuity Guaranteed Future Income Annuity or GFIA. A similar product is offered by MetLife and Aviva.
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