For years, your focus has been to save for retirement. Now you need innovative solutions to help you transition your hard-earned savings into income that will last your lifetime. You also need to protect your savings against three retirement risks:
- Longevity risk: You might outlive your money
- Inflation risk: Your retirement savings might not earn enough to keep pace with inflation.
- Market return risk: You could experience poor market returns in the early retirement years, increasing the chances you’ll use all of your savings sooner than planned.
The lifetime income benefit option from Great-West Life can help you manage these risks in retirement and protect your savings by providing:
- Predictable, guaranteed income for life beginning as early as age 50
- The potential for increasing income
- A safe transition from savings to income
Your lifetime income amount will not decrease regardless of how the funds perform.
Withdrawals in excess of the lifetime income amount will decrease the lifetime income amount.
Any amount that is allocated to a segregated fund is invested at the risk of the policyowner and may increase or decrease in value.