Pacific Life Bolsters Annuities with Enhanced Features for Flexible Retirement Income

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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.