There are many different ways in which an annuity can impact your life. This powerful financial vehicle can focus on guaranteed sources of income, growth with protection from market loss, long-term care benefits, and legacy planning, just to name a few of its strengths. However, not every annuity does all of these things, and some put a strong focus on just one or two of these areas. So, the bottom line is that it pays to do your homework, and make a choice that fits your specific needs.

However, in addition to focusing on different key points, annuities also have many different attributes that separate one from another. Everything from how often you get paid, to how big those payments are, ends up being completely dependent on the specific outlet you’ve chosen. Some even have dozens of options within the same, specific policy, allowing you to customize things even further.

So, what is the most important thing to you, when it comes to locking in a financial plan that will carry you through retirement? If you are one of those who has some concerns about having to leave your hands off of your money for too long, you may be interested by what a Single Premium Immediate Annuity (SPIA) or Immediate Income Annuity can bring to the table. Instead of having to wait for a number of years to start collecting payments, SPIAs can allow for quick, or even immediate money.

Do you like the idea of being able to start getting money back towards retirement in a quick manner? New York Life’s Guaranteed Lifetime Income Annuity II is definitely worth a look. This specific annuity has been the number one seller within the SPIA industry over the last 20 years. It is known for having the highest payout rates within this type, and has garnered the highest rating one can earn from AM BEST, an A+ rating.

All it takes is one lump sum payment, in order to turn part of your retirement savings into a lifetime full of guaranteed income. New York Life offers annual payouts ranging from 5.1% for those aged 65, up to 8.6% for those aged 85. Additionally, your payments are fixed, and can’t be disturbed by an up-and-down stock market.

The New York Life Guaranteed Income Annuity II has a number of options for structuring your contract, including choices that allow you to cover just your own life, as well as some that let you leave a legacy for loved ones. There are also options that can let you receive six months of payment in one month, withdraw a chunk of the remaining value in a single payment, and even dedicate certain time periods for higher payments. For the last of those options, it is a great way to put yourself in a position of strength and flexibility when you know you may need it most.

However, there are some obvious downsides to going with a SPIA, even one that is at the top of the industry. Receiving payments from the get-go means you are skipping the accumulation phase, which although tempting, means you are not building up and accumulating more dollars to earn more lifetime income. There are also less opportunities for growth in general, compared with some stronger growth annuities on the market. Therefore, those who prioritize the ability to truly accumulate their retirement nestgg while reducing their market risk, and defer their lifetime income streams down the road have better options available in a Fixed Index Annuity versus a Single Premium Immediate Annuity.  However, if you're ready for a guaranteed lifetime income stream to start immediately, the New York Life Guaranteed Lifetime Income Annuity II is worth some strong consideration.