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Retirement Planning > Retirement Investing

Lifetime of income essential to planning process

By Amanda Buchanan

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SunAmerica announced a new enhancement to the MarketLock living benefit feature: the option for lifetime income. The enhanced MarketLock is available on the company’s Polaris and Seasons variable annuities, and can help ensure that investors will not outlive their retirement savings, despite a fragile market.

MarketLock – a “maximum anniversary value” guaranteed minimum withdrawal benefit – locks in investment gains to create an income stream that can only increase with the market and never decline, due to volatility.

Investors who elect MarketLock are guaranteed not to outlive their income if they wait until they turn 65 (or older) to begin taking withdrawals of up to 5 percent of their benefit.

“MarketLock, with its new lifetime income option, is an ideal living benefit for today’s investor,” Robert Scheinerman, senior vice president of AIG Retirement Markets, says. “It helps overcome major obstacles to a successful retirement – including inflation, market volatility and outliving your money. The feature works by offering flexible, unrestricted investing, locking market gains and providing guarantees to generate retirement income as long as you live.”

Investors do not need to call in or submit forms to lock in their gains – MarketLock automatically locks in investment gains annually, for 10 years – even after withdrawals begin, with no changes in the fee percentage. On the 10th anniversary, MarketLock can also be extended to step up for 20 years, with the fees and benefits in effect at the time of step up.

Investors who choose this option have no investment restrictions. They can allocate assets to any investment options in their variable annuity, including equity options for greater growth potential.

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