A lifetime income rider can be written to include options such as:
An annual step-up feature that increases the withdrawal percentage if your annuity investment value increases. This means you’ll get a higher income payment.
A guaranteed minimum growth rate established when you open an annuity with a lifetime income rider. The withdrawal percentage is related to this rate.
A joint option for continuing the lifetime income for your spouse.
An option for a non-lifetime withdrawal (Restrictions and limitations do apply.).
An income rider can be particularly beneficial if you are concerned about outliving your money and/or retiring early. With a rider in place, your plan could continue to pay you even after the annuity value is depleted.