WINDSOR, Conn., March 5, 2013 /PRNewswire/ -- ING U.S. announced today that it has expanded its lineup of retirement income product and service offerings with the launch of the new ING Lifetime Income single premium deferred fixed annuity issued by ING USA Annuity and Life Insurance Company (ING USA). This retail product provides income benefits to help individuals plan for their retirement including income increases the longer income is delayed. It also allows the flexibility to access those funds when needed (resulting in reduced future income withdrawal amounts) along with death benefit protection.
The ING Lifetime Income deferred fixed annuity is the latest product to complement the long heritage of retirement income solutions and expertise from ING U.S., including an in-plan guaranteed income investment option for 401(k) participants as well as a series of retirement income planning and education resources for ING Financial Partners' financial advisors. Complementing these retirement income offerings, ING Lifetime Income now brings a retail fixed annuity product solution broadly to the market that is focused on income potential.
"Building a sound, lifetime income strategy is one of the most important aspects of financial planning today, and a key to improving one's overall retirement readiness," said Chad Tope, president of ING U.S. Annuity and Asset Sales. "Annuities have been – and continue to be – a reliable way to deliver a reliable income stream during retirement that helps replace a paycheck once a person stops working. ING USA's new deferred fixed product rewards those who have the ability to postpone their income withdrawals, by stepping up their future available income withdrawal amount. If their needs shift, the individual can access a portion of the funds along the way although this will result in reduced future income withdrawal amounts."
The opportunity to step up income with the ING Lifetime Income annuity comes in two increments, based on the number of years an individual delays the start of their income withdrawals. If income payments are deferred for five years, the available income withdrawal amount is boosted by 150 percent. With a ten year deferral, the available income withdrawal amount gets a guaranteed boost of 225 percent.