AIG SunAmerica Retirement Markets, a subsidiary of AIG Retirement Services, has introduced the AIG SunAmerica Individual 401(k), a retirement income opportunity that provides an income for life option for many eligible self-employed business owners.
The new 401(k), sold by financial professionals licensed to sell AIG SunAmerica Retirement Markets products, provides optional living benefits funded through an AIG SunAmerica variable annuity that enable income protection and guarantee features – regardless of market performance.
The company said that Individual 401(k) enables business owners to create their own personal retirement plan with the growth potential of a traditional 401(k) plan during work years, and the tools to create an income stream during retirement similar to that of a defined benefit plan.
Robert Scheinerman, senior vice president of AIG SunAmerica Retirement Markets, said: The Individual 401(k) is a simple, powerful retirement solution for self-employed business owners. This 401(k) provides higher tax-deferred contribution limits than other common retirement options and, when offered within our variable annuity products, is an ideal solution for individuals who want an innovative, guaranteed living benefit that can establish a steady lifetime income stream in retirement.