But wait, there’s more
The Safe Return annuity offers these additional benefits to help you confidently navigate your future.
Tax treatment that allows faster growth You don’t pay taxes on the interest your annuity earns until you start receiving payments or take a withdrawal. That means your money can grow at a faster rate than it would in a taxable product.
Leave a legacy for your loved ones As you’re planning for the future, you probably want to know what will happen to your money when you’re gone. With the Safe Return annuity, any death benefit is paid directly to your beneficiaries, which allows them to receive your financial legacy without the cost and delays of probate.
It’s important to consider your liquidity needs.
The Safe Return annuity is intended to be a long-term product. However, you will have access to a portion of your money each year with penalty-free withdrawals. During the first contract year, you may withdraw up to 10% of your purchase payments. After the first contract year, 10% of the account value on the most recent contract anniversary maybe withdrawn. It’s important to note withdrawals in excess of this amount may be subject to early withdrawal charges. Early withdrawal charges end after 10 years.
This information is not intended or written to be used as legal or tax advice. It was written solely to provide general information and support the sale of annuity products. You should seek advice on legal or tax questions based on your particular circumstances from an attorney or tax advisor. For qualified contracts, the full amount withdrawn is generally subject to income tax. For other contracts, only the gains are subject to income tax. If you are under age 59½, the taxable amount is also generally subject to a 10% federal penalty tax.
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