Refinance guide

Better income: could you be earning more?

If your annuity's income isn't what you expected, or if you haven't started income yet and want to maximize your guaranteed paycheck, today's products may deliver significantly more income per dollar than what was available when you purchased your contract.

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Income annuities that match this goal

Income-rider and immediate-income products from our reviewed lineup. Filter by your state, age, term, and carrier strength. The benchmark income figure is the guaranteed annual payout per $100,000.

State

Age

Term

A.M. Best rating

Rider fee

Premium

Qualified?

Income shown on our benchmark scenario, single life, issue age 62, deferred 5 years. Enter an age between 40 and 85 above to re-quote for yourself.

Showing 10 of 10 products

Product	Type	A.M. Best	Term	Issue ages	Income / $100k
Income Assurance 10 Jackson	Income	A	10-yr	Up to 80	$24,307.83from age 75	View →
Nationwide New Heights Select 8 Nationwide	FIA	A+	8-yr	Up to 199	$22,562.16from age 75	View →
Athene Ascent Pro 10 Bonus Athene	FIA	A+	10-yr	Up to 80	$21,802.5from age 75	View →
Income Accelerator Nassau	Income	B++	10-yr	Up to 80	$16,236from age 70	View →
Power Select Plus Income (Flex) Corebridge	Income	A	10-yr	Up to 78	$12,640from age 67	View →
Safe Income Advantage F&G	Income	A	10-yr	Up to 80	$12,047.68from age 67	View →
Income Planning Annuity Midland National	Income	A+	10-yr	Up to 79	$11,872.6from age 67	View →
Protective Income Builder Protective Life	Income	A+	7-yr	Up to 85	$11,797.5from age 67	View →
EverGuard Assurance 10 Talcott Financial Group	Income	A-	10-yr	Up to 85	$10,561.49from age 65	View →
Prudential Elevate Income Pruco Life	Income	A+	10-yr	Up to 85	$7,562.5from age 62	View →

Income Assurance 10

Jackson

$24,307.83

INCOME / $100K FROM AGE 75

IncomeA.M. BEST A10-YR SURRENDERAGES Up to 80

View →

Nationwide New Heights Select 8

Nationwide

$22,562.16

INCOME / $100K FROM AGE 75

FIAA.M. BEST A+8-YR SURRENDERAGES Up to 199

View →

Athene Ascent Pro 10 Bonus

Athene

$21,802.5

INCOME / $100K FROM AGE 75

FIAA.M. BEST A+10-YR SURRENDERAGES Up to 80

View →

Income Accelerator

Nassau

$16,236

INCOME / $100K FROM AGE 70

IncomeA.M. BEST B++10-YR SURRENDERAGES Up to 80

View →

Power Select Plus Income (Flex)

Corebridge

$12,640

INCOME / $100K FROM AGE 67

IncomeA.M. BEST A10-YR SURRENDERAGES Up to 78

View →

Safe Income Advantage

F&G

$12,047.68

INCOME / $100K FROM AGE 67

IncomeA.M. BEST A10-YR SURRENDERAGES Up to 80

View →

Income Planning Annuity

Midland National

$11,872.6

INCOME / $100K FROM AGE 67

IncomeA.M. BEST A+10-YR SURRENDERAGES Up to 79

View →

Protective Income Builder

Protective Life

$11,797.5

INCOME / $100K FROM AGE 67

IncomeA.M. BEST A+7-YR SURRENDERAGES Up to 85

View →

EverGuard Assurance 10

Talcott Financial Group

$10,561.49

INCOME / $100K FROM AGE 65

IncomeA.M. BEST A-10-YR SURRENDERAGES Up to 85

View →

Prudential Elevate Income

Pruco Life

$7,562.5

INCOME / $100K FROM AGE 62

IncomeA.M. BEST A+10-YR SURRENDERAGES Up to 85

View →

Compare my income options

Why your current income may be lower

Interest rates have risen substantially since 2020 to 2022

Products issued during the low-rate era have lower guaranteed rates and payout factors baked into their contracts. Today's products reflect the current, higher-rate environment.

Income rider payout factors vary enormously between carriers

The payout factor, not the roll-up rate, is the multiplier that determines your actual income. A product with a modest roll-up but a higher payout factor can pay more than a flashy high-roll-up product.

Older FIA income riders may have lower payout factors

Even if your benefit base has grown, the annual income it produces may be less than what a new product could generate from a smaller starting balance.

Variable annuity fee drag erodes your income base

If you own a variable annuity with high fees (2.5% to 3.5%/year), those fees are eroding the base from which income is calculated. Moving to a lower-cost FIA with an income rider can produce more income because less is being consumed by fees.

SPIA payout rates are directly tied to interest rates

SPIA payout rates rise with interest rates. Contracts bought in low-rate years often pay 20% to 30% less than a new quote on the same premium today.

How to determine if you can get better income

Know your current guaranteed income

If your income rider is active, what is your annual Lifetime Payment Amount (LPA)? If you haven't started income, what would it be if you activated today?

Get a competitive quote

Request income illustrations from 3 to 5 carriers for the same dollar amount, same income start age, and same payout type (single vs. joint life). Compare the guaranteed annual income in dollars.

Account for the cost of switching

If you'd pay a surrender charge to exchange, subtract that from the amount transferred. Then compare the income from the new product on the reduced amount vs. your current income.

Consider the breakeven

If the new product pays $1,200/year more in income but you paid $3,000 in surrender charges, the breakeven is 2.5 years. Beyond that, you're ahead for life.

Income improvement scenarios

Old FIA income rider vs. new FIA income rider

For example: your current FIA (purchased 2019) has a benefit base of $150,000 with a payout factor of 4.25% at age 65 = $6,375/year.
A new FIA income rider on the same $150,000 (after a penalty-free transfer at surrender period end) offers a 5.50% payout factor = $8,250/year.
That's $1,875 more per year, for life.

Outcome

+$1,875/year for life

Variable annuity to FIA with income rider

Your variable annuity has $200,000, paying 3.00% in total annual fees ($6,000/year in fee drag).
Moving to an FIA with an income rider at 1.15% ($2,300/year) saves $3,700/year in fees alone.
The FIA also provides guaranteed lifetime income that the variable annuity's sub-accounts cannot guarantee.

Outcome

$3,700/year in fee savings + guaranteed income

No income rider to SPIA

You own a MYGA or FIA without an income rider and now need guaranteed income.
You cannot add a rider to an existing contract after issue.
You can 1035 exchange into a SPIA for immediate, guaranteed, lifetime income at today's elevated payout rates.

Outcome

Immediate lifetime income at today's higher rates

Frequently asked questions

Can I improve my income without replacing my annuity?

In most cases, no. Income rider terms are locked at issue. You cannot retroactively change payout factors or roll-up rates. The primary way to improve income is to move to a product with better terms. However, if your current contract allows annuitization, that option may produce competitive income without a replacement.

What if I've already started income on my current rider?

Once income has been activated on most riders, the contract cannot be 1035 exchanged without terminating the income stream. In this case, replacement rarely makes sense. The exception is if your current income amount is very low relative to what a new product could provide.

Is it worth paying a surrender charge to get better income?

It depends on the math. If the new product produces $2,000/year more in guaranteed income and the surrender charge is $5,000, you break even in 2.5 years and then benefit for life. Run the numbers. Don't guess.

Explore more

Replacing an existing annuity involves potential surrender charges, loss of existing benefits or riders, new surrender periods, and tax implications. This content is for educational purposes only. All guarantees are backed by the claims-paying ability of the issuing insurance company.

Find out if you could be earning more income

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