FLEXIBILITY Access and Income
Although annuities facilitate retirement savings and income augmentation, occasionally you might need to access your assets sooner than anticipated. WealthChoice can accommodate.
Guaranteed Living Benefit Rider (GLBR) and Spousal Continuation This elective income benefit is offered within the WealthChoice 7- or 10-year plan and costs 0.95% of the accumulated value each anniversary. The GLBR rider permits lifetime withdrawals without regard to existing funds. Based on the owner’s age and whether he or she designates level or increasing payments, a withdrawal factor is multiplied by the account value to arrive at the Lifetime Yearly Income maximum. If Joint Income is elected for the spouse, who is also listed as the primary beneficiary, the surviving spouse could continue receiving the lifetime income payments.
Free Partial Withdrawals Starting your first contract year, you may withdraw up to 10% of your initial premium. Each following contract year you may withdraw up to 10% of the prior anniversary’s value. If you surrender your account or take withdrawals in excess of your Free Partial Withdrawal amount during your contract surrender period, the amount in excess of your 10% free amount will be subject to a surrender charge and Market Value Adjustment (MVA). The percentage of the surrender penalty depends on your contract year. Required Minimum Distributions The amount that the IRS requires you to withdraw annually after age 73 is always available without a surrender charge penalty, even if the amount is greater than your free annual withdrawal amount.
Annuity Payout Options When not electing the optional Guaranteed Living Benefit Rider for retirement income payouts, you have several other payout options to choose from: • A set number of payout years between 10 and 30 years • Payout guaranteed for your lifetime • Payout guaranteed for your lifetime, with a guaranteed period set between 10 and 30 years • Joint lifetime income for spouses • Joint lifetime income for spouses, with a guaranteed period set between 10 and 30 years
Systematic Withdrawals Depending on your withdrawal preference, you can elect to be paid on an annual, semi-annual, quarterly or monthly basis.
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