“A Guaranteed Minimum Income Benefit (GMIB) is an optional rider which can be added to a fixed indexed or variable annuity for a cost, usually about 1.00% per year paid in the form of reduced performance. With a GMIB added to your annuity, you have the ability to annuitize your GMIB value later in life should the underlying performance of the policy not be enough to provide for your retirement income needs. In short it guarantees lifetime income in case your selected funds underperform or even lose all value. It’s an income benefit that you absolutely cannot outlive as it’s guaranteed for life.”

Josh Tschirgi, Financial Advisor

Annuity FYI Expert