MetLife Expands Guaranteed Retirement Income Offering with Innovative Flexible Annuity Option

NEW YORK--(BUSINESS WIRE)--As demand for guaranteed lifetime income grows, MetLife today introduced a new liquidity feature for its immediate income annuity, the MetLife Guaranteed Income Program (MGIP). This innovative design offers defined contribution plan participants a simple way to convert savings into reliable income while maintaining greater flexibility early in retirement.

The Annuity Cancellation Option gives participants the freedom to cancel their annuity within the first three years of receiving payments and receive a refund of premiums paid, minus benefits already received, with no cancellation or surrender fees, giving participants added confidence as they transition from saving to generating retirement income.

The need for solutions that balance income certainty with flexibility is increasing. Research from the Employee Benefit Research Institute shows strong demand for guaranteed income, with more than four in five workers expressing interest¹, while research from Goldman Sachs Asset Management highlights that, alongside this demand, consumers increasingly value solutions that combine reliable income with flexibility.²

“Participants want dependable income they can count on, along with the flexibility to adapt as their needs evolve,” said Roberta Rafaloff, head of Institutional Income Annuities at MetLife. “The Annuity Cancellation Option helps address both by giving participants added options and control early in retirement, helping them make one of the most important financial decisions of their lives.”

MGIP is designed to help defined contribution plan participants convert their retirement savings into guaranteed income for life. The program offers a range of payment options tailored to individual needs, including lifetime income or income for a specified period. Participants can also elect features that provide additional protection, such as ensuring remaining value is paid to a beneficiary, or options to help income keep pace with rising costs over time.

About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit www.metlife.com.

¹ Employee Benefit Research Institute, 2026 Retirement Confidence Survey
² Goldman Sachs Asset Management, Decoding Retirement Income: The Retirement Saver Preference Gap (2026)