Lincoln Financial Group has introduced its new optional guaranteed lifetime withdrawal benefit rider, Lincoln Lifetime Income Advantage, available with the American Legacy and Choice Plus variable annuity product suite.

Lincoln Lifetime Income Advantage offers an all-encompassing solution. It addresses multiple client needs by providing protection to help address the challenges that Boomer clients are concerned about as they retire: inflation, longevity, future market downturns and unexpected healthcare costs.

It offers pre-retirees guaranteed minimum lifetime income for retirement that is guaranteed to grow as they approach their retirement date, with flexibility and control built in.

This means brokers and clients retain full control of and access to the asset -income amounts can be adjusted to offset unexpected costs or to protect assets if supplemental retirement income is no longer needed. It provides different ways to receive income – not only through partial or systematic withdrawals, but also through an option to maximize client income and tax efficiency.

Mark Konen, president of individual markets division at Lincoln Financial, said: Lincoln Lifetime Income Advantage is a new tool that will help advisors make that transition and to provide retirement income security for their clients.