what is a guaranteed lifetime withdrawal benefit glwb 
a guaranteed lifetime withdrawal benefit glwb is a rider to a variable annuity that provides a minimum payout level even if market losses reduce the cash value of your contract most of these riders also allow you to make withdrawals from your cash value as needed you typically pay for the glwb rider with annual fees that can vary based on the issuer understanding guaranteed lifetime withdrawal benefits glwbs an annuity is a contract between the purchaser called the annuitant and the issuer in which the annuitant makes a one time payment or regular payments to the issuer in exchange the issuer makes periodic payments back to the annuitant for the remainder of their life or for a specific number of years if you buy a fixed annuity the issuer pays a fixed interest rate on the money you ve paid to it however with a variable annuity you can invest in the market through subaccounts this feature offers greater growth potential but also subjects you to potential losses a glwb is a way to mitigate that risk the glwb rider ensures that you receive a minimum lifetime payment that essentially counteracts any losses in your subaccounts most issuers also allow you to make additional withdrawals from your cash value however these typically reduce the guaranteed withdrawal amount 