Various studies have shown that Americans are living longer in retirement than ever before, and many are even likely to outlive their retirement savings.

To help with this conundrum, New York Life Assurance and Annuity Corporation recently announced an addition to its LifeStages/Lifetime Income Annuity program, which gives clients the flexibility to personalize their retirement income according to their unique lifestyle needs.

The Changing Needs Option, as it is called, adds a key element of longevity protection to the traditional cashflow management role that retirees seek from immediate annuities, New York Life said. Through it, consumers can arrange for their monthly income payments to increase by up to five times the original amount, commencing at one future point in time. Conversely, those who expect their retirement income needs to decrease at older ages can lessen their payments by up to one-half the original amount at a future date of their choice. The increase or decrease can happen any time after the third anniversary of the policy.

“This can help clients deal with expectations of higher health-related expenses and other life events, and give them confidence to live their lives to the fullest,” Ted Mathas, executive VP of New York Life, said in a statement.