Financial Mistake: Missing out on the power of guaranteed growth for a future lifetime check.
Guaranteed Income Account Value Growth & Lifetime Withdrawal Basics
Some fixed indexed annuities can provide a guaranteed lifetime withdrawal benefit for you, your spouse, or both (this is usually an optional benefit). A guaranteed withdrawal benefit on a fixed indexed annuity allows you to continue to take withdrawals from an annuity even if the cash value of the annuity eventually falls to zero. Annuities with this feature usually have a value often referred to as an Income Account Value (this terminology will vary from company to company).
Some annuities offer guaranteed growth of the income account value, which can enable you to accurately predict the minimum value used to calculate your income check. Whether you are actively saving for a future income or have already begun drawing an income off of your retirement savings, this takes the guess-work out of income planning without relying upon hypothetical performance.
Below are some common features of indexed annuities with a guaranteed withdrawal benefit.
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*Guaranteed minimum growth rates, payout factors and income for life details vary per contract. Ask your Future Benefit agent for details. Note that distributions from traditional IRAs prior to age 59 &1/2 are taxed as ordinary income and may be subject to a 10% IRS federal tax penalty. Note that interest distributed from non-IRA annuities and Roth IRAs are subject to ordinary in-come tax and may be subject to a 10% IRS federal tax penalty.