The Charles Schwab has introduced a new Schwab Retirement Income Variable Annuity (SRIVA) to provide guaranteed income stream, investment diversification, and professional guidance for investors.

The SRIVA helps to generate guaranteed income for their life and enables tax-deferred growth potential.

Charles Schwab insurance services vice president Tina Valenzuela said, "We’re thrilled that we’re able to offer a variable annuity with an income guarantee option that is understandable, flexible and accessible."

SRIVA with the optional guaranteed lifetime withdrawal benefit (GLWB) will ensure a minimum level of income for life for investors while the option protects income stream in the event of a market downturn.

Even while selecting lifetime income, the GLWB enables investors to access annuity assets and withdraw them for emergencies or unexpected expenses.

SRIVA’s guarantees are backed by insurance provider Pacific Life.