The SILAC Teton 7 Annuity may be a good fit if you are looking for:
- GUARANTEES: You can choose the certainty of a fixed interest rate that is annually declared and subject to minimum guarantees. Your annuity also has a Minimum Guaranteed Value.
- GROWTH POTENTIAL: You also have the choice of interest-based on the performance of an external market Index.
- PROTECTION OF PRINCIPAL: Your savings are always protected from market fluctuations and are 100% principal protected. There is no direct downside market risk to your funds.
- TAX DEFERRAL: Save more for retirement with tax-deferred growth. The Teton Series allows you to keep more of your retirement savings working for you by deferring taxes until you choose to access the funds in your annuity.
- ACCESS TO FUNDS: Multiple liquidity options are available to help you when life throws a curveball. After the withdrawal charge period, you can always access the full account value of your annuity.
- WEALTH TRANSFER: Leave a legacy for your loved ones and avoid probate. The full account value is available after your death. If your spouse is the beneficiary, then he or she can always choose to continue the policy.
Why choose an annuity?
Saving for retirement is increasing in importance as people live longer.
Interest rates and stock market prices fluctuate and cannot guarantee at what rate your savings will grow.
Annuities are designed to help you achieve your goals for retirement savings.
They provide insurance against major financial risks, such as market losses and outliving your money
Related Reading: How to calculate how much you need for retirement.
Accessing Your Savings
Each year after the first policy year, you may withdraw up to 5% of your account value (as of the most recent policy anniversary). Free withdrawals will not be subject to withdrawal charges or market value adjustments, if applicable.
REQUIRED MINIMUM DISTRIBUTIONS
Required minimum distributions (RMDs) are mandatory withdrawals from qualified contracts. They are required for anyone over age 73. RMDs can begin immediately and are considered a free withdrawal, even if they exceed 5% of the account value.
CUMULATIVE FREE WITHDRAWALS
If no withdrawals are taken in a given year, fully unused free withdrawals can be carried over to the next policy year. The maximum cumulative free withdrawal amount is 30% of your account value (as of the most recent policy anniversary).
In the event your health declines after you purchase your annuity, you may withdraw funds without being assessed a withdrawal charge or market value adjustment, if applicable. These riders are provided at no additional cost:
Nursing Home Benefit*
After the first policy year, you can withdraw up to 100% of your annuity’s account value if you become confined to a qualified care facility for at least 90 consecutive days and meet the eligibility requirements. You cannot be confined at the time the policy is issued.
Terminal Illness Benefit
After the first policy year, you can withdraw up to 100% of your annuity’s account value if you are diagnosed with a terminal illness that results in you having a life expectancy of 12 months or less and you meet the eligibility requirements. You cannot be confined at the time the policy is issued.
Home Health Benefit*
After the first policy year, you can withdraw up to 100% of your annuity’s account value if you need home health care services and meet the eligibility requirements.
*Not available in South Dakota.
In addition to withdrawals, The Teton Series can provide a guaranteed income stream of your choosing, including for the rest of your life.
You may elect to receive your income monthly, quarterly, semi-annually, or annually.
After the income waiting period, the payment amount will be based on the account value.
Before the income waiting period, it will be based on the cash value.
Once you elect to receive a guaranteed income stream, the payment schedule and amount cannot be changed.
The Teton Series automatically includes a death benefit to help leave a legacy for your loved ones. Your beneficiary will receive the annuity’s full account value. Your loved ones will avoid the delays and hassle of probate. The death benefit will be paid as long as an income option has not been elected.
If your spouse is an owner or beneficiary, then he or she can always choose to continue the policy.