Annuity Income Rider: Payouts Can Differ
When purchasing an annuity with an annuity income rider, it is important to understand that payout amounts can differ based on the issuing company’s policy. Because payouts can differ between companies, it is important to choose the right company before you invest your money. Below are payout overviews from both Nationwide and Genworth so you can compare the two. This way you can make a more informed decision. An informed consumer is a smart consumer. We want to give you any and all the information you need to help you feel comfortable with your choices.
Nationwide’s annuity growth is based on interest earned. However, once income starts that income amount remains in effect for life. Therefore, a 55 year old making a $100,000 deposit, taking income in 10 years would receive $9,905 annually. This income would start from age 65 and continue through age 75. These payments would add up to a total payout of $108,955.
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