NEW YORK, N.Y., March 27 – A Guardian subsidiary has designed two new living benefit riders that were developed to address the realities of a new generation of retirees.

According to Guardians 2005 Retire-ment Planning Among Baby Boomers study, half of boomers dont know how much they need to save for retirement and 7 in 10 are concerned about outliving their financial resources. The study also noted that nearly all boomers (86 percent) are concerned about the effect of inflation on their spending power in the future, and the majority (57 percent) are worried about stock market volatility hurting the money they have to live on. The study also revealed that boomers who own annuities feel more confident about their retirement.

The new optional riders, Spousal AssetAccess and Lifetime AssetAcess, were developed by The Guardian Insurance & Annuity Company, Inc. (GIAC), a wholly owned subsidiary of Guardian, to help clients and their spouses supplement their incomes for as long as they live, the company said. They are available with GIACs Income Accesssm, Asset Buildersm and CXCsm variable annuities.

Guardian explained that the variable annuities are long-term investment vehicles designed for retirement purposes. They offer a combination of features to help individuals accumulate and manage annuity assets before and during retirement, the company said.

The two new variable annuity riders are a type of living benefit known as Guaranteed Minimum Withdrawal Benefits (GMWBs), according to Guardian. In describing the riders, the company said that Spousal AssetAccess extends a withdrawal guarantee to spouses. The rider provides the opportunity to make withdrawals or receive payments in guaranteed annual amounts that last as long as either spouse is alive. Lifetime AssetAccess enables individuals to make withdrawals or receive payments in guaranteed annual amounts that last as long as they live.

Amounts withdrawn will be subject to ordinary income tax and possible mandatory federal income tax withholding, Guardian noted, and, if taken prior to age 5912, a 10 percent IRS penalty may apply.

The new retirement is more of a process than an event and Americans face a whole new set of challenges, said Bruce C. Long, president of GIAC.Boomers are redefining retirement. They may choose to work part time, start a business, volunteer, travel or all of the above. Whatever they choose, GIACs annuity products can help clients to feel confident about their future.