A guaranteed monthly income can bring peace of mind as you plan for retired life, and a pension isn’t the only way to achieve this.
If you’re an INPRS member with a Defined Contribution (DC) account, an annuity is an option that can convert money from your DC into lifetime income at discounted MetLife rates not typically available in the retail market.
But what is an annuity, where can you purchase one, and how do you know when is the right time?
Below, we answer some of the most common questions members ask when considering annuities.
What is an annuity?
An annuity provides you with guaranteed lifetime income. It converts all or a portion of your DC funds into lifelong monthly payments that are guaranteed, no matter what happens in the market or how long you live. Annuitizing even a portion of your DC funds can provide the security of a monthly paycheck for life.
Do I have to annuitize my DC account? What are my payment options?
No, you do not have to annuitize all or part of your DC account. At retirement, you have three payment options to choose from, the option to create systematic withdrawals, do a roll over or take the funds as a lump sum payment. It’s important to note that you are not required to annuitize with MetLife. You may annuitize with the annuity provider of your choice.
Are there minimum requirements I must meet to be eligible to annuitize through MetLife?
Yes, you must be at least “normal retirement age,” as defined by your specific INPRS retirement plan and otherwise eligible to begin your retirement benefit. The minimum annuity purchase through MetLife is $5,000.
How can I get a quote from MetLife?
To see what your monthly income could look like, visit the MetLife Retirement Income Center.
For more information about annuities, including frequently asked questions, check out this page and these articles: