Nassau MYAnnuity 7 Fixed Annuity
Minimum Deposit: $10,000
MYAnnuity 7 is a 7-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 a set number of years.
Nassau MyAnnuity 7 Fixed Annuity Guide
Rate guaranteed 7 years
| Base rate | 5.75% |
| Guaranteed yield to surrender | 5.75% |
| Guaranteed minimum renewal rate | 1% |
| Market value adjustment | 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 |
The Nassau MYAnnuity 7 may be appropriate for individuals who:
- Seek to accumulate money for retirement.
- Have a conservative risk tolerance and want to invest an inheritance or other lump sum.
- Want to secure a fixed annuity payment but not immediate income.
Available in: AL, AK, AZ, AR, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, MD, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
Taxes:
In general, annuities grow tax-deferred meaning you don’t pay taxes until you withdraw your money from the annuity. When your withdrawal 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
If you withdraw money from your annuity before age 59½, you may receive a 10% IRS penalty in addition to paying ordinary income taxes.
Pros of the Nassau MyAnnuity 7
Pays a guaranteed interest rate much higher than current CD Rates are paying.
Your interest grows tax-deferred meaning you do not pay taxes on your interest until you withdraw it from your annuity.
Death benefit is full account value and may avoid probate.
Liquidity options to provide you the access to your money that you need.
SURRENDER CHARGE SCHEDULE
MYAnnuity 7 9% 8% 7% 6% 5% 4% 3%
Free Nassau MYAnnuity Quote
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