Pacific Life Bolsters Annuities with Enhanced Features for Flexible Retirement Income

59

Pacific Life is offering more options for retirement planning with improvements to its suite of annuity benefits. These enhancements aim to provide greater flexibility and security for individuals seeking a steady income stream in their golden years.

The key highlight is the expanded investment choices available with the Future Income Generator rider. Clients can now access a wider range of investment options, including those with 100% equity exposure. This strategy allows for potential growth while locking in a higher protected base for future withdrawals, all without additional cost. Additionally, it offers a yearly credit that accumulates for up to a decade and guarantees income for life starting at age 59½.

For those planning higher spending in their early retirement years, the Enhanced Income Select 2 benefit offers increased withdrawal percentages. This change, effective May 1, 2024, provides retirees with greater control over their income stream. They can choose to withdraw a larger portion of their savings early on, with the flexibility to pause or resume withdrawals as needed.

Pacific Life’s Protected Investment Benefit, available exclusively in New York, now offers 100% downside protection for clients nearing retirement. This benefit allows for unlimited growth potential alongside a safety net, with options for up to 80% equity exposure within a 7-year term. This caters to individuals seeking growth while minimizing investment risks.