Make Your Money Last a Lifetime
Make sure you don't outlive your money. Consider using some or all of your Investment Plan account balance to purchase a lifetime income guarantee at retirement. The following resources can assist you in understanding a lifetime income guarantee and how to purchase one.
Is Guaranteed Retirement Income Right for You?
Lifetime Income Guarantee
A lifetime income guarantee (offered by MetLife) lets you convert some or all of your Investment Plan balance into a stream of future payments that could last your lifetime.| For example, a lifetime income guarantee purchased at age 65 with $100,000 of your Investment Plan balance would pay you: | Single Life $484.371 monthly payments for life beginning at age 65; upon death, payments would cease |
Joint & Survivor $404.351 monthly payments for life beginning at age 65; upon death, payments would continue to your survivor for life |
Qualified Longevity Annuity Contract (QLAC)
If you would like to defer receipt of your quaranteed monthly payments to a later age, you can choose a qualified longevity annuity contract (QLAC). Addition of a death benefit during the deferral period would decrease the monthly payment.| For example, a lifetime income guarantee QLAC purchased at age 65 with $100,000 of your Investment Plan balance would pay you: | Single Life $978.911 monthly payments for life beginning at age 75; upon death, payments would cease |
Joint & Survivor $718.021 monthly payments for life beginning at age 75; upon death, payments of $718.021 would continue to your survivor for life |
1 Quotes are based on $100,000 premiums as of March 31, 2020 for a female aged 65. Joint & Survivor assumes the chosen survivor is a spouse aged 65. Your actual quote may vary based on your individual data and other circumstances. Please note that other payment options and features are available.