AARP Financial has teamed up with New York Life Insurance Company to launch the AARP Lifetime Income Program, a program designed to generate a more secure stream of retirement income for AARP members. The new product offers fixed immediate annuities, issued by New York Life Insurance and Annuity Corporation (a division of New York Life), which will the insurer says will provide guaranteed income for life to AARP members between the ages of 50 and 85.
“Mindful they run the risk of outliving their assets without ongoing income, many AARP members have expressed interest in the potential of annuities to help fill their income gap,” Larry C. Renfro, AARP Financial president said in a statement.
Indeed, according to New York Life research, more than half (58%) of pre-retirees surveyed by the company thought it important at or near retirement to supplement the income they will receive from Social Security or pensions by purchasing a product like an income annuity that provides guaranteed retirement income. Both AARP and New York Life are keen to combine their efforts in order to make this possible.