A fixed annuity is a contract between you and an insurance company that, in exchange for your premium (earning a fixed rate of interest), offers a stream of guaranteed income payments. Annuities are long-term products designed for retirement. Retirement accounts such as IRAs can be tax deferred regardless of whether or not they are funded with an annuity. The purchase of an annuity within an IRA does not provide additional tax-deferred treatment of earnings. However, annuities do provide other features and benefits. Withdrawals may be subject to federal and/or state income taxes. A 10% federal early withdrawal tax penalty may apply if taken before age 59½ in addition to ordinary income tax. Partial withdrawals may reduce benefits and contract value. This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with your financial professional regarding your situation. For legal, accounting or tax advice consult the appropriate professional. Annuities issued by American General Life Insurance Company (AGL). Issuing company AGL is responsible for financial obligations of insurance products and is a wholly owned subsidiary of Corebridge Financial, Inc. Guarantees are backed by the claims-paying ability of the issuing insurance company. AGL does not solicit, issue or deliver poli - cies or contracts in the state of New York. May not be available in all states and product features may vary by state. Please refer to your contract. © Corebridge Financial, Inc. All rights reserved. corebridgefinanical.com 800-242-4079
AGL14 396.1 (03/23) J1074104 Contract #s: AG-SPDA (6/17)
4
Made with FlippingBook - Share PDF online