Glossary
Guaranteed lifetime withdrawal benefit (GLWB)
An annuity rider that lets you withdraw a set percentage of a benefit base every year for life, even if the account value runs out.
Also called: GLWB, lifetime income rider, income rider
A guaranteed lifetime withdrawal benefit is an optional rider, usually on a variable or fixed indexed annuity, that promises withdrawals for as long as you live (or as long as either spouse lives, on a joint version) without giving up control of the account the way annuitization does.
The rider tracks two numbers. The account value is your real money: it rises and falls with market or index credits and is reduced by withdrawals and fees. The benefit base is a separate bookkeeping figure, which may grow by a guaranteed roll-up during the deferral years, used only to calculate your income. Say, hypothetically, your benefit base is $200,000 and the withdrawal rate at your age is 5%: you can take $10,000 a year for life. If the account value later falls to zero, the insurer keeps paying the $10,000.
The benefit base isn't cash. You can't withdraw it as a lump sum or leave it to heirs. Rider fees, often charged as a percentage of the benefit base, reduce the account value, and taking more than the allowed amount in a year can permanently cut future income. See our GLWB guide and annuity fees, explained.
Last reviewed October 4, 2026