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.
Two Ways to Protect Your Retirement Income
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 $4861 monthly payments for life beginning at age 65; upon death, payments would cease |
Joint & Survivor $4131 monthly payments for life beginning at age 65; upon death, payments of $413 would continue to your survivor for life |
Qualified Longevity Annuity Contract (QLAC)
A qualified longevity annuity contract (QLAC), also from MetLife, lets you defer receipt of your guaranteed monthly payments to a later age. QLACs are limited to $135,000 or 25% of your Investment Plan balance (whichever is less).| For example, a lifetime income guarantee QLAC purchased at age 65 with $100,000 of your Investment Plan balance would pay you: | Single Life $9841 monthly payments for life beginning at age 75; upon death, payments would cease |
Joint & Survivor $7311 monthly payments for life beginning at age 75; upon death, payments of $7311 would continue to your survivor for life |
1 Quotes are based on $100,000 premiums as of June 30, 2021 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.