In the quest for guaranteed retirement income, annuities are receiving increased attention. One type in particular is a variable annuity with a Guaranteed Lifetime Withdrawal Benefit rider (GLWB), which is commonly referred to as a Guaranteed Minimum Withdrawal Benefit (GMWB).
This rider has a variety of features that make it popular: it provides guaranteed lifetime income, it allows the annuitant to pass on his remaining contract account balance to a beneficiary at death, and it allows the guaranteed lifetime income payment to potentially increase if the markets perform well.
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