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
To find out if a lifetime income guarantee is right for you, or to purchase one, call the MyFRS Financial Guidance Line at 1-866-446-9377, Option 2 (TRS 711).
 

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.