New York Life is looking to attract younger investors by reducing the initial required deposit for their Guaranteed Future Income Annuity from $10K to $5K. This would ultimately attract investors who might normally fund their IRAs with that money. This would also allow other individual to be able to take advantage of their products and start to plan for retirement.
Investors in their 20s, 30s and 40s can also have the benefit of making incremental purchases over time. These annuities are appealing to the younger crowd because of the higher yields and are more willing and able to take the risk. The downside to this is getting younger investors to commit to a long-term strategy. With so much time until retirement, younger investors may be more apt to change strategy and their advisors.