A guaranteed minimum withdrawal benefit guarantees the right to take a specified percentage from a benefit base each year for life (or a period) regardless of market performance. The base may step upor roll up and can be reduced by excess withdrawals. Unlike GMIBs, GMWBs usually do not require annuitization to receive income. Fees, allocation constraints, and contract rules apply.

Advisors set withdrawal percentages based on age and rider terms, monitor step-ups, and keep withdrawals within limits. They explain that exceeding the allowance can reduce guarantees and future income.