CORE INCOME 7® ANNUITY
Other valuable benefits
Core Income 7® offers flexibility, access, and protection.
Accessing all of your money If you want to access all your money in a lump sum, Core Income 7 ® gives you that option. Anytime after your seventh contract year, you can take your annuity’s full accumulation value. Prior to that time, you would receive your cash surrender value – which is equal to the accumulation value minus the full surrender charge, and then adjusted by the MVA, as shown in the charts om the following page. Required Minimum Distributions (RMDs) RMDs from your Allianz annuity held within a tax-qualified plan (IRA, SEP, etc.) will qualify as free withdrawals. Please keep in mind that purchasing an annuity within a retirement plan that provides tax deferral under sections of the Internal Revenue Code results in no additional tax benefit. An annuity should be used to fund a qualified plan based upon the annuity’s features other than tax deferral. Please consider all annuity features, risks, limitations, and costs before purchasing an annuity within a tax-qualified retirement plan. Note: The money you take out may be taxable. Your contract values can grow tax-deferred. However, any money you take from your contract, including free withdrawals, other partial withdrawals, and required minimum distributions, may be taxable as ordinary income. Because annuities are meant for long-term purposes, if you are under age 59½ when you take a distribution, it may be subject to a 10% federal additional tax.
ADDING MORE MONEY TO YOUR ANNUITY
Core Income 7 ® Annuity is designed to help you accumulate savings for retirement. That’s why we give you the flexibility of making additional premium payments during the first contract year or until you begin taking income, whichever comes first. ACCESSING YOUR MONEY You may access the accumulation value in your annuity in several ways. Free withdrawals After the first contract year and prior to starting lifetime income withdrawals, you can take up to 10% of your contract’s paid premium each contract year in one or more withdrawals free of surrender charges, MVAs, and penalties. Withdrawals reduce contract values and the value of any income and death benefits. Taking a larger withdrawal (partial surrender) After your first contract year, if you take out more than 10% of your contract’s paid premium in a contract year, we’ll apply a partial surrender charge and MVA to the amount above 10% (the excess partial withdrawal).
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