SAN ANTONIO--(BUSINESS WIRE)--USAA Life Insurance Cos., among the highest rated life insurers in the U.S, today announced a new immediate income annuity, the Guaranteed Retirement Income Plan. The Guaranteed Retirement Income Plan is an annuity that allows owners to receive a guaranteed income for life, with the flexibility to withdraw up to 30 percent of the annuity’s present value after three years in the event of a qualifying financial emergency, such as an uncovered medical expense.
An immediate income annuity like the Guaranteed Retirement Income Plan can help cover basic living expenses in retirement when income from Social Security and military or corporate pensions are not enough. Purchasers have the security of knowing essential expenses are covered immediately, even for the remainder of their lives.
“Annuities are a valuable component of a well-diversified retirement plan,” said Robert Schaffer, assistant vice president of annuities, USAA Life Insurance Co. “USAA Life Co.’s Guaranteed Retirement Income Plan provides peace of mind, both with the promise of guaranteed income for life, and the accessibility to the asset in a time of crisis.”
“In retirement, even a well thought-out strategy can be disrupted by the likes of a catastrophic healthcare issue,” said J.J. Montanaro, a CERTIFIED FINANCIAL PLANNER™ practitioner with USAA. “This type of event represents a very real threat to an individual’s retirement finances, and the more an individual does to plan and prepare for these types of emergencies, the better off they’ll be.”
Financial professionals at USAA emphasize that the lump sum used to buy an income annuity such as the Guaranteed Retirement Income Plan should be just a portion of one’s retirement assets. Diversifying one’s retirement portfolio may help to provide liquidity and growth potential.
USAA helps members plan for and manage their assets for retirement. Comprehensive retirement advice and guidance is available on usaa.com and through USAA’s salaried retirement advisors. Also, the usaa.com Online Retirement Center includes advice articles and easy-to-use calculators that can help determine how much money is needed to save for retirement and how long savings will last while in retirement.
USAA Life Insurance Company does business in New York as USAA Life Insurance Company of New York.
More information on annuities and retirement planning can be accessed at www.usaa.com
About USAA
USAA provides insurance, banking, investment and retirement products and services to 8.6 million members of the U.S. military and their families. Known for its legendary commitment to its members, USAA is consistently recognized for outstanding service, employee well-being and financial strength. USAA membership is open to all who are serving or have honorably served our nation in the U.S. military – and their eligible family members. For more information about USAA, or to learn more about membership, visit usaa.com.
Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNERTM in the U.S. which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Guaranteed Retirement Income Plan: ASI94832ST 10-11, In New York, NSI97130NY 10-11, NSI94897NY 10-11; contract numbers may vary by state. Financial Emergency Liquidity Rider: ASI94834ST 10-11.
Financial advice provided by USAA Financial Planning Services Insurance Agency, Inc. (known as USAA Financial Insurance Agency in California, License # 0E36312), and USAA Financial Advisors, Inc., a registered broker dealer.
Annuities provided by USAA Life Insurance Company, San Antonio, TX and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. Each company has sole financial responsibility for its own products.
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