SILAC (formerly Equitable Life & Casualty) Secure Savings 5 multi-year guarantee annuity may be a good fit if you are looking for:
GROWTH YOU CAN COUNT ON
Your premium will earn a guaranteed compound rate of interest for the guarantee period you choose, regardless of how the stock market performs. This guarantee period is 5 years.
SHORT TERM COMMITMENT OPTIONS
After the initial 5-year guarantee period, you will have the opportunity to access the full value of your annuity. If you are pleased with your growth and would like more, you can renew your contract.
Are you tired of stock market ups and downs? Your funds in the Secure Savings annuity are 100% principal protected. As long as you keep your annuity for the guarantee period, your principal and interest earned are fully guaranteed.
All interest earned in annuities is tax-deferred. You won’t pay taxes on any interest until you access the funds in your annuity.
ACCESS TO FUNDS FOR LIFE’S CURVEBALLS
In the first policy year, you can withdraw up to the greater of the accumulated interest on your account or your Required Minimum Distribution (RMD), if applicable, without penalty. Each policy year after the first, you can withdraw up to the greater of 5% of your account value, the accumulated interest on your account, or an applicable RMD, without penalty. After the guaranteed period, you can access the full account value of your annuity.
Upon maturity, you can convert your annuity into a guaranteed income benefit.
The full account value is available to your loved ones after your death.
GET STARTED IN TWO EASY STEPS:
Step 1. Determine how much you would like to save.
You can purchase the annuity with a minimum single premium of $10,000. Contributions larger than $500,000 require home office approval.
Step 2. Choose your guarantee period.
You can select the guarantee period that best suits your financial goals. The longer the guarantee period, the higher the guaranteed compound interest rate. If the 2-year guarantee period is selected, then interest rates are guaranteed for the first 2 years of the contract.
Equitable Secure Savings 5 with Wealth Transfer options.
Equitable Secure Savings 5 includes a death benefit that guarantees your beneficiary will receive the annuity’s full account value. It will be paid as long as an income option has not been elected.
BUILDING YOUR SAVINGS WITH INTEREST CREDITING
No matter what happens with the stock market, Equitable Secure Savings 5 will credit you a fixed interest rate every year – even if the stock market declines. This rate will be guaranteed for the guarantee period you select.
ACCESSING YOUR SAVINGS
In the first policy year, the greater of credited interest only or Required Minimum Distribution (RMD) may be withdrawn.
In the second policy year and after, the greater of 5% of the Account Value, credited interest or RMD may be withdrawn.
RMDs are mandatory withdrawals from qualified contracts.
They are required for anyone over age 72.
AFTER THE GUARANTEE PERIOD
At the end of your guarantee period, you will have the option to renew your annuity.
You will have a 30-day window to select a new guaranteed interest rate.
During this window, you can:
- Continue the policy
- Apply the account value to an income option
- Take a partial withdrawal, with no surrender charges or MVA, and continue the policy with the remaining account value
- Surrender your annuity with no surrender charges or MVA
SILAC Secure Savings 5 can provide a guaranteed income stream that you cannot outlive.
You may choose from an income stream for a specific period of time, a specific amount of income, lifetime income or lifetime income guaranteed for a specific period of time.
You may elect to receive your income monthly, quarterly, semi-annually or annually.
During the 30-day window or after the surrender charge term has expired, the payment amount will be based on your account value.
At any other time, it will be based on your cash surrender value.
Once you elect to receive a guaranteed income stream, the payment schedule and amount cannot be changed.
Retirement Income Planning
If you’re spending the interest from a CD or a fixed annuity to supplement your retirement income, consider a deferred annuity with a lifetime income rider. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.
Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.