New York Life Clear Income Advantage Fixed Annuity Review (2026): A++ Safety
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Independently reviewed & last updated 2026-06-09
Short answer
How much does New York Life Clear Income Advantage pay?
On New York Life's rates effective September 21, 2026, Clear Income Advantage paid a 65-year-old man lifetime income of 7.55% of the premium a year if income starts now (6.95% joint), or 11.20% if he waits 5 years. It is a fixed deferred annuity with a lifetime withdrawal rider costing 0.95% a year, not an indexed annuity. New York Life is rated A++ by AM Best; income is guaranteed backed by the claims-paying ability of the issuing insurer.
Female payouts are lower. Compare it with a plain immediate annuity if you want income right away.
Quick take: New York Life is the HIGHEST-RATED mutual insurer in America (A++ AM Best, AA+ S&P, Aaa Moody's). Clear Income Advantage is a fixed deferred annuity with a guaranteed lifetime withdrawal benefit (GLWB) rider, not an indexed annuity: there is no S&P 500 cap. The rider fee is 0.95% of accumulation value a year.
| Item | Figure | Source, as of |
|---|---|---|
| Product type | Fixed deferred annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider; not an indexed annuity | nylannuities.com rates, effective 10/26/2026 |
| GLWB rider fee | 0.95% of accumulation value a year, deducted quarterly | nylannuities.com rates, effective 10/26/2026 |
| Lifetime income, male 65, income starts now (single / joint) | 7.55% / 6.95% of premium a year | nylannuities.com rates, effective 10/26/2026 |
| Lifetime income, male 65, income deferred 5 years (single / joint) | 11.20% / 9.95% of premium a year | nylannuities.com rates, effective 10/26/2026 |
| Lifetime income, male 70, income starts now (single / joint) | 8.20% / 7.45% of premium a year | nylannuities.com rates, effective 10/26/2026 |
| Surrender charges | On withdrawals above the GLWB amount in the first 7 policy years | nylannuities.com rates, effective 10/26/2026 |
Figures are for a male annuitant with $100,000; female payouts are lower. Rates change weekly. Other rate figures further down this page are as of June 9, 2026.
Is the annuity you're looking at actually the best one available?
Send your email and I'll send what it really guarantees, what the surrender schedule costs you, and the two or three carriers paying more for the same guarantee. If it's already a good fit, I'll tell you that.
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CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $119,099 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $123,840 |
| Tax deferral alone adds about | $804 |
| MYGA ahead of the CD, after tax | $4,741 |
Assumes 22% federal and 6.85% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Ratings (independent third-party)
| Rating Agency | Grade |
|---|---|
| AM Best | A++ |
| S&P | AA+ |
| Moody's | Aaa |
| COMDEX (composite, 0-100) | 100 |
Hans is independently licensed. Reviews are based on publicly available rate sheets, prospectuses, public carrier rate sheets, and carrier filings.
The A++ rating advantage
New York Life holds the highest AM Best rating (A++), tied with Northwestern Mutual and Mass Mutual at the top of the mutual insurer pyramid. For buyers who absolutely demand best-in-class carrier strength:
- AM Best A++ (highest possible)
- S&P AA+ (one notch below AAA, only US Treasury is AAA)
- Moody's Aaa (highest possible)
- COMDEX 100 (max composite)
This rating costs you something: A++ carriers rarely top the rate tables. New York Life's own 5-year Secure Term fixed annuity paid 5.40% ($100,000+, effective 10/26/2026), versus about 5.50-6.05% for A-rated 5-year MYGAs on October 14, 2026.
Clear Income Advantage specs
| Spec | Value |
|---|---|
| Product type | Fixed deferred annuity with GLWB rider (not an FIA) |
| Interest | Initial rate declared by New York Life (NYLIAC), guaranteed for the initial guarantee period |
| Surrender charges | On withdrawals above the GLWB amount in the first 7 years |
| Income rider fee | 0.95%/yr of accumulation value |
| Lifetime income at 65, starting now | 7.55% of premium a year single life, 6.95% joint (male, $100,000, effective 10/26/2026) |
Pros
- A++ AM Best: highest possible rating
- 175+ year mutual carrier history
- Excellent customer service
- Conservative balance sheet
Cons
- No market-linked upside: growth is limited to the declared fixed rate
- 0.95%/yr rider fee comes out of accumulation value whether or not you start income
- Built for buyers who intend to take the lifetime withdrawal income
- Less aggressive on rate competition
Who buys this
Buyers who:
Have zero tolerance for carrier risk
Are sized appropriately for the income they need
Don't care about chasing maximum cap rate
Want the comfort of "I bought from New York Life"
Look elsewhere if
- You want index-linked upside (caps) → Symetra Edge 10 or Athene Performance Elite
- You want max income rollup → Allianz 222 (A+ carrier; check the current rollup)
- You want shorter surrender → Symetra Edge 5
About Hans Goldstein: Independent retirement income specialist. CA Life License #4273294. NPN #20602398. Reviews 30+ carriers. Phone: 213-414-2808. Email: [email protected].
Goldstein Complexity Index
Every annuity I review gets a complexity score from 0 to 100. Higher means harder to understand. Complexity is where buyers get hurt: riders they didn't know they were paying for, surrender charges that surprise them, and income "benefit bases" they took for cash. SPIAs and MYGAs score low. Products that stack a bonus, an income rider, an MVA and several crediting options score high.
This product's score: 47/100, Grade B (Moderate)
Income rider + separate benefit base + multiple crediting strategies. Easy to misunderstand. Get a second opinion.
Score breakdown
| Dimension | Score (1-10) | What this measures |
|---|---|---|
| Riders | 7/10 | How many riders, optional or built in (income, death benefit, LTC). Each one adds cost and one more thing to understand. |
| Crediting strategies | 4/10 | How many index options (cap, spread, participation rate, step rate, volatility-controlled indices). More choices are harder to follow. |
| Surrender complexity | 6/10 | Length of the surrender period, plus any MVA and bonus recapture. The longer and more layered it is, the harder it is to know what leaving early costs. |
| Benefit-base separation | 8/10 | Whether there is a separate income base ("PIV") that is not cash but looks like it. This causes more buyer confusion than anything else. |
| Bonus structure | 1/10 | A premium bonus with a recapture schedule. The bonus is real, but you can lose part of it if you leave early. |
How to read this
- A+/A (0-40): Easy to understand. A pure accumulation FIA, a MYGA or a SPIA. Little room for mis-selling.
- B (41-60): Read the contract carefully and get a second opinion before signing. Income riders cause most of the confusion.
- C (61-80): Many owners don't fully understand what they bought. Common mis-sells: a bonus presented as cash, a benefit base presented as account value, surrender charges glossed over.
- D (81-100): Get an independent second opinion before signing. The product may still fit you, but the odds you later say "I didn't know it worked that way" are high.
Why it matters: nobody gets sued for selling a complicated product, but buyers regret them all the time. An annuity that wins your money in year one and confuses you for the next 14 is worse than a simpler one you understood from the start. Simple products are easier to check.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
A fixed indexed annuity ties up your money for 7 to 15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.