A Guaranteed Minimum Withdrawal Benefit (GMWB)-often called a GLWB for lifetime benefits-guarantees the right to withdraw a stated percentage of a benefit base each year for life (or for a setperiod), regardless of market performance. The benefit base may roll up or step up, and withdrawals reduce the base if taken above the allowed amount. Fees apply and allocations may be restricted.Unlike GMIBs, GMWBs usually do not require annuitization; income continues while the contract remains in force and terms are met. GMWBs target retirement income durability with market participation and a defined floor.

Clients seeking lifetime income without annuitization select GMWB riders. Advisors explain withdrawal percentages, spousal continuation, step-ups, and rider fees. Reviews monitor base changes and ensure withdrawals stay within the allowed amount to preserve guarantees.