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A new group of guaranteed income annuities (GIA) was unveiled this week by Genworth Life and Annuity Insurance Co. and AssetMark Investment Services. Called LifeHarbor, these GIAs invest in mutual funds or ETF portfolios in AssetMark's managed account platform.
Investors are able to receive income beginning at 65, and may withdraw up to 5% of their account value annually. The minimum investment for LifeHarbor is $50,000 for a mutual fund and $100,000 for an ETF model.
