A new variable annuity rider from Securian helps to give retirees the income protection and growth that they’re looking for, according to a company press release. Whether making a 401k annuity transfer or purchasing a variable annuity before retirement age, adding the Ovation Lifetime Income rider from Securian gives investors a great growth potential. This rider can be added to their MultiOption variable annuity for an added fee and can give retirement income for decades.
There are four ways to grow your guaranteed income with the Ovation Lifetime Income rider. It’s even possible to grow your income when markets are down.
- Every year the benefit base will be reset to lock in any gains since the last contract anniversary date.
- For up to ten years, you will get a 6% growth on your benefit base each year that you don’t take a withdrawal, unless of course your reset would be higher.
- If you’ve gone ten years without a withdrawal, the benefit base increases to 200% of the original benefit base plus any other purchases you made in the first year. You also get 100% of any purchases made after the first year.
- Your guaranteed income is based on the age at which you add the benefit. You can get up to 6.5% the older you are, or 4.5% if you are younger.
You have the option of adding a spouse on to receive joint benefits with the Ovation Lifetime Income variable annuity rider as well. Securian boasts that not only do investors get guaranteed retirement income for life, they have a lot of potential for growth over the years.
Written by Rachel Summit