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

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

In non-qualified accounts and Roth IRAs, 66 percent of GFIApurchasers elect an income start date prior to age 70.5,demonstrating that the product is primarily being used to create astream of retirement income. However, 34 percent of non-qualifiedpurchasers elect an income start date between the age of 70.5 and85, indicating a desire to defer income to a more advanced age. Intraditional IRAs, Required Minimum Distribution rules require allpurchasers to elect an income start date prior to the age of70.5.

The core audience for the GFIA is pre-retirees between the agesof 55 and 65 who plan to retire in five to 10 years. Approximately66 percent of purchasers are using tax qualified money to fund theGFIA, which is money they already have in IRAs or 401(k)s and hadset aside for retirement funds.