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Nassau MYAnnuity 5 is a 5 year fixed annuity designed to be a high-yield retirement savings account. It is a CD Type of Annuity that pays a guaranteed interest rate for 5 years.
Base rate | 5.50% |
Rate guaranteed | 5 years |
Guaranteed yield to surrender | 5.50% |
Guaranteed minimum renewal rate | 1% |
Yes | |
Return of premium | No |
PREMIUM PAYMENTS | |
Type | Single |
Maximum | $1,000,000 |
Minimum | $10,000 |
Types of funds | · Non-Qualified · IRA · Spousal IRA · IRA Rollover · IRA Transfer · SEP IRA · IRA-Roth |
AGE RESTRICTIONS | |
Owner | 0 – 85 |
Annuitant | 0 – 85 |
This product may be appropriate for individuals who:
Not available in: CA, ME, MA, NY, PR, VI
Penalty-Free Withdrawals
Annual free withdrawals up to 10% are available (if elected at issue) without a surrender charge or market value adjustment (MVA) applied.
The owner can set up systematic withdrawals of a specified amount, however, the withdrawal may be subject to penalties if it is above the free amount.
| Annual free withdrawal | None (10% free withdrawals available for a .20% interest reduction. |
| Surrender charge period | 5 years |
| Window after surrender | 30 days |
| SURRENDER CHARGE SCHEDULE | ||||
| 1 year | 2 year | 3 year | 4 year | 5 year |
| 9% | 8% | 7% | 6% | 5% |
| Nursing Home | Surrender charges will also be waived if owner is admitted into a licensed nursing home, or if owner is diagnosed with a terminal illness that is expected to result in death within six months (24 months in MA). Waivers are subject to state approval and certain conditions. | |||
| Terminal Illness | Surrender charges will also be waived if owner is admitted into a licensed nursing home, or if owner is diagnosed with a terminal illness that is expected to result in death within six months (24 months in MA). Waivers are subject to state approval and certain conditions. | |||
| Death | Payable on death of any owner. Death benefit is equal to contract value (no surrender charges or MVA will apply). Death benefit proceeds are paid directly to named living beneficiaries and may not be subject to the probate process | |||
In general, annuities grow tax-deferred meaning you don’t pay taxes until you withdraw your money from the annuity.
When you withdraw from your annuity the interest earned will be taxed at your ordinary-income tax rate.
Non-Qualified Annuity
Non-qualified funds are cash, checking, savings, life insurance cash value, etc. Only the interest you have earned will be taxed as ordinary income.
Qualified Annuity
Qualified funds are 401k, IRA, SEP, 403b, TSA, etc. Both principal and interest will be taxed as ordinary income as you withdraw money.
Roth IRA Annuity
Withdrawals from Roth IRA annuities are tax-free if the IRS requirements are met.
Early-Withdrawals
You may receive a 10% tax penalty on withdrawals from an annuity prior to 59½.
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An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis.
There’s no limit to the number of Roth IRA accounts you can have, but your contributions must stay within the annual limit across all accounts.
The Social Security Disability 5 Year Rule eliminates the required waiting period to receive disability benefits for individuals who were previously entitled to benefits, ceased collecting them, and again become unable to work any time within 5 years.
When comparing an annuity vs. 401(k)s the primary difference is a 401k is designed to accumulate savings and annuities generate lifetime income.
Annuities are designed to provide a guaranteed income stream for people during their retirement years and to provide financial security and peace of mind.
Annuities are best for individuals looking to save more for retirement in a tax-deferred investment vehicle or desire asset protection with upside growth potential.
Earn up to 20% More when you buy a fixed annuity vs. today's best CD rates.