Defined terms for the annuity market and lifetime income landscape.
Retirement readiness is a participant's preparedness — measured across accumulated balance, projected income sources, expected expenses, and expected lifespan — to sustain their intended standard of living from retirement onward.
A return of premium rider is a rider attached to a deferred annuity that guarantees the contract owner or beneficiary will receive at least the total premium paid into the contract, less any prior withdrawals, regardless of the account value or the cumulative income payments made.
