Getting Your Retirement Checks

Retirement is a major milestone, and having dependable income is key to making the most of it.

Annuity Payout Options

Tailor your payments

You decide how much of your retirement annuity savings you want to turn into monthly income.

Cover a spouse or partner

Choose lifetime income for yourself or include your spouse or partner as a second recipient.

Choose your timing

Retiring early? You can activate checks right away or let your balance grow.

Protect loved ones

Set a beneficiary to receive income after you and your spouse or partner pass away.

Select your timeframe

Set a “guaranteed period” to receive checks. If you pass within that time, checks go to your beneficiary until the guaranteed period ends.

Select a different option

Your annuity contract may include alternatives to lifetime income payments, which could help during emergencies or income gaps.

Receiving a steady stream of income through annuitization

You can choose how you want to receive payments from your annuity. Options include:¹

Lifetime income for you	Provides income payments for as long as you live.
Lifetime income for two	Provides income payments for the lifetimes of two people.
Lifetime income annuity with a guarantee period	With this option, you will get regular payments for as long as you live. Even if you pass away before a certain number of years (the guarantee period) has passed, the payments will not stop—they will go to the person who owns the contract. If that person also passes away during this time, then the money will go to the person they chose as their beneficiary. After the guarantee period is over and you have passed away, the payments will end.
Lifetime income annuity for two with a guarantee period	With this option, you and another person will keep getting regular payments for as long as either one of you is alive. Plus, those payments are guaranteed to last for a certain number of years, no matter what. If both of you pass away before those years are up, the money will go to the person who owns the annuity. If the owner passes away during this time too, the payments will go to the person they chose (the beneficiary). After the guarantee period ends, payments will keep going to whoever is still alive, but the amount might change depending on what you decided at the start. Once both people have passed away and the guarantee period is over, the payments stop.
Lifetime income with a cash refund	Your income payments will continue for as long as you live. If you pass away before receiving your principal back, MetLife will pay your beneficiary(ies) a lump sum equal to your contract value at annuitization, less the income payments you have already received.
Period certain annuity option	Provides income for a fixed period of time—for example, 10, 15 or 20 years.

Things to consider before you annuitize

When should you start taking payments from your annuity? There’s no one right answer to that question since everyone has different expectations, goals and needs in retirement. To help you make a more informed decision about when to start taking payments, here are some points to think about:

Benefits of annuitization

Guaranteed income for life

Financial confidence

Can help simplify retirement budgeting

You have the ability to immediately start receiving a steady stream of income for the rest of your life.

By annuitizing a portion of your retirement annuity savings as an additional source of income earlier in retirement, you can help preserve your other savings.

Turning retirement annuity savings into steady income payments can help simplify your monthly planning and spending.

Important considerations

Permanent decision

Once you decide to annuitize and start taking payments, your annuity is no longer considered a liquid asset. You lock in the annuity’s value and the method for taking income. No changes are possible after this, including taking a lump sum withdrawal.

Consistent payments

While this can certainly help with your budgeting, it’s possible that over time, your payments will not keep up with inflation.

Tax consequences²

When you annuitize, your annuity contract is converted into a series of periodic income payments and will no longer have a cash value that will accumulate tax-deferred earnings. Payments may be fully or partially subject to ordinary income tax.

¹ Please refer to your contract or prospectus for details on the income payment options available to you.

² Before taking money from your annuity, you should speak to an independent tax advisor regarding your particular set of facts and circumstances. MetLife and its representatives cannot provide tax or legal advice.

All guarantees are based on the financial strength and claims-paying ability of Metropolitan Life Insurance Company (‘MetLife’), 200 Park Avenue, New York, NY 10166.

MetLife is not an ERISA investment fiduciary and is not providing investment advice to the plan, its fiduciaries or its participants, and does not exercise discretionary authority and control over plan assets.

Any discussion of taxes is for general informational purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate.