Updating Summary Prospectus (Form 497VPU)

American Legacy® Target Date Income Advisory Individual Variable Annuity Contracts  

Updating Summary Prospectus for Current Contractowners

May 1, 2026

This updating summary prospectus summarizes certain changes to key features of the American Legacy® Target Date Income Advisory variable annuity contract issued by Lincoln Life & Annuity Company of New York (Lincoln New York or Company).

You should read this updating summary prospectus carefully, particularly the section titled Important Information You Should Consider about the American Legacy® Target Date Income Advisory contract.

The prospectus for the American Legacy® Target Date Income Advisory variable annuity contract contains more information about the Contract's features, benefits, and risks. You can find the prospectus and other information about the Contract online at www.lfg.com/VAprospectus. You can also obtain this information at no cost by calling 1-800-942-5500 or by sending an email request to [email protected].

The Securities and Exchange Commission has not approved or disapproved the Contract or determined if this Summary Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

All prospectuses and other shareholder reports will be made available on www.lfg.com/VAprospectus.

Updated Information About Your Contract

The information in this Updating Summary Prospectus is a summary of certain contract features that have changed since the Updating Summary Prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract, and not all changes may be applicable to you.

Summary of Contract Changes:

Purchase Payments. You must obtain our approval for Purchase Payments totaling $5 million or more where the only optional benefits elected are the Account Value Death Benefit and/or i4LIFE® Advantage without the Guaranteed Income Benefit and $1 million or more for all other contracts. At the Company's discretion, either amount may consider total Purchase Payments for all annuity contracts issued by the Company (or its affiliates) for the same Contractowner, joint owner, and/or Annuitant.

Important Information You Should Consider About the American Legacy® Target Date Income Advisory Variable Annuity Contract 

	FEES, EXPENSES, AND ADJUSTMENTS			Location in Prospectus
Are There Charges or Adjustments for Early Withdrawals?	No: There are no surrender charges associated with this Contract.			●N/A
Are There Transaction Charges?	No: The Contract does not impose any transaction charges. Currently, there is no charge for a transfer, however, we reserve the right to charge a $25 fee for each transfer if you make more than 12 transfers in one Contract Year.			●Charges, Other Deductions, and Adjustments
Are There Ongoing Fees and Expenses?	Yes: Minimum and Maximum Annual Fee Table. The table below describes the fees and expenses that you may pay each year, depending on the investment options and optional benefits you choose. Please refer to your contract specifications page in your Contract for information about the specific fees and expenses you will pay each year based on the options you have elected. These charges do not reflect any advisory fees paid to a financial intermediary from Contract Value or other assets of the Contractowner. If such charges were reflected, the ongoing fees and expenses would be higher.			●Fee Tables ●Fee Tables - Examples ●Charges, Other Deductions, and Adjustments ●Appendix A - Investment Options Available Under the Contract
	Annual Fee	Minimum	Maximum
	Base Contract - Contract Value Death Benefit	0.12%1	0.12%1
	Base Contract - Guarantee of Principal Death Benefit	0.32%1	0.32%1
	Fund fees and expenses	0.83%2	0.89%2
	Optional benefits available for an additional charge (for a single optional benefit, if elected)	0.40%1	2.45%3
	1 As a percentage of average Contract Value. For the base contract, also includes an amount attributable to the Annual Account Fee.
	2As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements.
	3 As an annualized percentage of the Protected Income Base.
	Lowest and Highest Annual Cost Table. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract.
	Lowest Annual Cost: $1,143	Highest Annual Cost: $4,367
	Assumes:	Assumes:

Appendix A - Investment Options Available Under The Contract

Variable Options

The following is a list of funds currently available under the Contract. Depending on the optional benefits you choose, you may not be able to invest in certain funds. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.lfg.com/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-942-5500 or by sending an email request to [email protected].

The current expenses and performance information below reflect fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund's past performance is not necessarily an indication of future performance. 

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2025)
			1 year	5 year	10 year
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2010 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.83%	12.42%	5.16%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2015 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.85%2	12.83%	5.41%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2020 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.85%	13.64%	5.70%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2025 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.85%	14.20%	5.82%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2030 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.84%	15.62%	6.81%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2035 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.89%	17.13%	7.91%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2040 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.88%	20.10%	N/A	N/A

Fixed Options

The Contract offers no fixed account options at this time.

Appendix B - Investment Requirements

If you elect the Target Date Income Benefit, you will be subject to Investment Requirements that will apply during the time this benefit is in effect. This means you will be limited in your choice of Subaccount investments, and that you will not be able to allocate Contract Value to all of the Subaccounts that are available to Contractowners who have not elected this rider. We impose Investment Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider.

Certain investment options are not available to you if you purchase this rider. The Investment Requirements may not be consistent with an aggressive investment strategy. You should consult with your financial professional to determine if the Investment Requirements are consistent with your investment objectives.

The Investment Requirements for the Target Date Income Benefit are based on your year of birth (earliest year for joint life) at the time you elect the rider. You must allocate 100% of your Contract Value to the appropriate fund in the chart below, which applies for the entire duration of the rider. All other funds are unavailable. 

Year of Birth	Target Date Fund
1978 - 1982	American Funds® IS 2035 Target Date Fund
1973 - 1977	American Funds® IS 2030 Target Date Fund
1968 - 1972	American Funds® IS 2025 Target Date Fund
1963 - 1967	American Funds® IS 2020 Target Date Fund
1958 - 1962	American Funds® IS 2015 Target Date Fund
Prior to 1958	American Funds® IS 2010 Target Date Fund