Premiums from New York Life’s new Guaranteed Future Income Annuity have exceeded $500 million since its July 2011 introduction.

Between the initial premium date and the income start date, policyholders can continue to purchase more future income by making additional premium payments, and can defer or accelerate their income start date as their personal needs change.

In non-qualified accounts and Roth IRAs, 66 percent of GFIA purchasers elect an income start date prior to age 70.5, demonstrating that the product is primarily being used to create a stream of retirement income. However, 34 percent of non-qualified purchasers elect an income start date between the age of 70.5 and 85, indicating a desire to defer income to a more advanced age. In traditional IRAs, Required Minimum Distribution rules require all purchasers to elect an income start date prior to the age of 70.5.