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Accounts & Products

Schwab Retirement Income Variable Annuity®

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Keep your retirement savings invested and secure a retirement income stream for life—no matter how your investments perform—with the Schwab Retirement Income Variable Annuity and its optional Guaranteed Lifetime Withdrawal Benefit (GLWB).1

A variable annuity from Charles Schwab, issued by Pacific Life.   



Key benefits.

  • Guaranteed income for life through annuitization or the optional GLWB.1
  • Low, transparent pricing.2
  • Professionally managed investments from Charles Schwab Investment Management, Inc.
  • Tax-deferred growth potential for your retirement savings.
  • Access to your assets in case of emergencies or unexpected expenses. Keep in mind that if you make a withdrawal it will decrease your contract value and death benefit.3
  • Provide legacy protection for your beneficiaries with an optional Return of Purchase Payments Death Benefit or Stepped-Up Death Benefit.4 
     NOTE: Optional death benefits and GLWB are available for an additional charge.

Talk to us about annuities.

Visit a Schwab branch or call 888-311-4889 (option 2).

Find a Schwab Financial Consultant near you.


Guarantees are subject to the financial strength and claims paying ability of the issuing insurance company, not Schwab, and do not apply to the separate account or the underlying portfolios available with this contract.


Guaranteed lifetime income in any market.

With the Schwab Retirement Income Variable Annuity, you can secure lifetime income through annuitization or by purchasing the optional Guaranteed Lifetime Withdrawal Benefit (GLWB). The GLWB option allows you to lock in an annual retirement income equal to 5% of your contract's highest anniversary value for the single life rider (4.5% for the joint life rider) on any contract anniversary date after you purchased the rider. You can add the GLWB option on or after the date you purchase your annuity until age 85.


  • Your income can grow in up markets.
  • Your income is protected in down markets.

With the GLWB, you can stay invested in the market to help counteract the effects of long-term inflation—without jeopardizing future income.

Contract anniversaries (years) 0 2 3 5 1 4 Hypothetical contract valueSingle life rider illustration Protected Payment BaseYour Protected Payment Base equals your initial purchase payment if added at contract issue, or the value of your annuity contract on the date you add the GLWB. It can continue to step up to the highest contract value on any subsequent contract anniversary date (the date you purchased the annuity), but never steps back down due to market performance. Note: The Protected Payment Base is not a contract value and is not available for withdrawal like a cash value. Your actual contract value and death benefit will decrease with each withdrawal. Guaranteed lifetime incomeYou can decide to start income withdrawals at any time after age 653—equal to 5% of your highest Protected Payment Base for the single life rider or 4.5% for the joint life rider.1 Your income withdrawals can even increase if your contract value rises and reaches a higher Protected Payment Base, but they won’t decrease if your contract value falls. Upside potentialIf your contract value is higher on your contract anniversary date, your Protected Payment Base is stepped up and locked in at the higher value. You lock in a Protected Payment Base when you add the GLWB option to your Schwab Retirement Income Variable Annuity.™ Contract anniversaries (years) 0 2 3 5 1 4 1 2 4 3 Hypothetical contract value Single life rider illustration
  1. You lock in a Protected Payment Base when you add the GLWB option to your Schwab Retirement Income Variable Annuity.™
  2. Upside potential
    If your contract value is higher on your contract anniversary date, your Protected Payment Base is stepped up and locked in at the higher value.
  3. Guaranteed lifetime income
    You can decide to start income withdrawals at any time after age 65³—equal to 5% of your highest Protected Payment Base for the single life rider or 4.5% for the joint life rider.¹ Your income withdrawals can even increase if your contract value rises and reaches a higher Protected Payment Base, but they won’t decrease if your contract value falls.
  4. Protected Payment Base
    Your Protected Payment Base equals your initial purchase payment if added at contract issue, or the value of your annuity contract on the date you add the GLWB. It can continue to step up to the highest contract value on any subsequent contract anniversary date (the date you purchased the annuity), but never steps back down due to market performance.

    Note: The Protected Payment Base is not a contract value and is not available for withdrawal like a cash value. Your actual contract value and death benefit will decrease with each withdrawal.

A market downturn right before your retirement or in the first years of retirement could rob you of savings you’re counting on for income. The Schwab Retirement Income Variable Annuity™ gives you the option to protect your payment base.

Contract anniversaries (years) 0 2 3 5 1 4 Protected Payment Base x 5% for the Single Life Rider = Annual Income Hypothetical contract valueSingle life rider illustration Note: The Protected Payment Base is not a contract value and is not available for withdrawal like a cash value. Your actual contract value and death benefit will decrease with each withdrawal. Downside protectionBecause your Protected Payment Base is the highest value your contract reaches on any contract anniversary date after the GLWB option is purchased, it is locked and protected against market losses. Guaranteed lifetime incomeWhen you begin taking income after reaching age 65, you can receive 5% of your locked-in Protected Payment Base for life (4.5% for joint life rider)—even if market volatility, income withdrawals, and annuity fees reduce your contract value to zero. When you purchase the GLWB, your Protected Payment Base isestablished and locked against market downturns. Contract anniversaries (years) 0 2 3 5 1 4 Hypothetical contract valueSingle life rider illustration 2 3 1 4
  1. When you purchase the GLWB, your Protected Payment Base is established and locked against market downturns.
  2. Downside protection
    Because your Protected Payment Base is the highest value your contract reaches on any contract anniversary date after the GLWB option is purchased, it is locked and protected against market losses.
  3. Guaranteed lifetime income
    When you begin taking income after reaching age 65, you can receive 5% of your locked-in Protected Payment Base for life (4.5% for joint life rider)—even if market volatility, income withdrawals, and annuity fees reduce your contract value to zero.
  4. Protected Payment Base x 5% for the Single Life Rider = Annual Income

    Note: The Protected Payment Base is not a contract value and is not available for withdrawal like a cash value. Your actual contract value and death benefit will decrease with each withdrawal.





Get more information.

Schwab Retirement Income Variable Annuity
Schwab VIT Portfolios
Prospectuses & Supplements


Brokerage and insurance products: Are not deposits • Are not FDIC-insured • Are not insured by any federal government agency • Are not guaranteed by the bank or any affiliate of the bank • May lose value

Variable annuities are sold by prospectus only. Before purchasing an annuity, you should carefully read the prospectus and consider the annuity’s investment objectives and all the risks, charges, and expenses associated with the annuity and its investment options. You can request a prospectus containing this and other information by calling 888-311-4889 (option 2) or you can view one online.

The contract value of the annuity may be more or less than the premiums paid, and it is possible to lose money.