Method and apparatus for providing retirement income benefits

A data processing method for administering an unannuitized annuity account having a systematic withdrawal program associated with a guaranteed payment feature, comprising the steps of:

• a. storing data in the computer relating to the annuity account, including data relating to an account value, a predetermined maximum withdrawal percentage rate and a guaranteed withdrawal payment;
• b. periodically determining a maximum guaranteed withdrawal payment amount for a prescribed period using the computer;
• c. periodically determining the account value using the computer;
• d. monitoring, with the computer, the account value and any withdrawal payments made to an account owner;
• e. periodically comparing, using the computer, withdrawal payments with the maximum guaranteed withdrawal payment amount to identify withdrawal payments in excess of the maximum guaranteed withdrawal payment amount;
• and
• f. periodically making guaranteed withdrawal payments with the aid of the computer so long as:
• 1) withdrawal payments for the prescribed period do not exceed the maximum guaranteed withdrawal payment amount, or
• 2) the account value is greater than the guaranteed withdrawal payment.