Individuals who purchase a RiverSource® variable annuity from a bank or independent broker-dealer can choose a valuable new feature called SecureSourceSM guaranteed lifetime withdrawal benefit. SecureSource is an optional living benefit rider, available for an additional fee, which offers flexibility with single life or joint life options for receiving guaranteed lifetime income. SecureSource is designed to match client income needs and accumulation goals, providing market growth potential while managing the risks of market performance, longevity and inflation.
“Many retirement investors want to participate in the market for growth with the reassurance that their nest egg is guaranteed and will be available as income in retirement when they need it,” said Gumer Alvero, senior vice president and general manager, RiverSource Annuities for Ameriprise Financial. “A RiverSource variable annuity and optional SecureSource benefit with its Protect it. Lock it. Take it.SM strategy helps investors grow their portfolio by providing market participation while protecting their investment, locking in market gains along the way and providing guaranteed income for life.”
About variable annuities
Variable annuities are retirement investment products that can help individuals take charge of their retirement. Investors have access to a range of investment choices and fixed account options which have the potential to provide earnings on a tax-deferred basis until the owner makes withdrawals.
Unlike any other investment product, variable annuities offer guarantees with the opportunity to participate in the market. Variable annuities are subject to risk including loss of principal. Guarantees are based on the continued claims-paying ability of the issuing insurance company and do not apply to the performance of the variable subaccounts which will vary with market conditions.
Variable annuity expenses include a mortality & expense fee which covers the insurer's costs and subaccount expenses. Most annuities also impose surrender charges for a specified time period, additional fees for optional riders and an annual contract charge.
About the RiverSource SecureSource guaranteed lifetime withdrawal benefit:
The SecureSource benefit offers principal protection as well as the ability to customize an income strategy to meet individual needs. Investors can elect lifetime income by withdrawing any amount up to 6 percent for life starting at age 65 (age 68 for New York), or they can withdraw up to 7 percent which will provide guaranteed income for 14 years. Investors can start, stop or change their withdrawal amounts at any time.
To help efficiently capture growth in the market, investors who elect the SecureSource benefit are enrolled in Portfolio Navigator which provides a choice of model portfolios based on the needs and goals of each individual. Asset allocation models are designed based on pre- and post-withdrawal stages.
“In the past, individuals often faced a tradeoff between market growth potential and protection of their assets to meet their retirement income needs,” said Alvero. “A variable annuity with the SecureSource guaranteed lifetime withdrawal benefit helps address that dilemma and provides individuals with flexible guaranteed income options.”
The SecureSource guaranteed lifetime withdrawal benefit rider is available for an additional fee of 0.65 percent annually for the single life benefit, and 0.85 percent annually for the joint life benefit. RiverSource variable annuities permit withdrawals of 10 percent annually without the purchase of the rider.
About RiverSource Annuities
RiverSource Annuities includes a broad range of fixed, variable and immediate annuity products that are designed to support today's investors through every stage of retirement planning, from accumulating assets to generating income and passing on wealth to heirs. RiverSource annuities are available through The Personal Advisors of Ameriprise Financial, as well as banks and independent broker-dealers. For more information, visit riversource.com/annuities.
RiverSource Distributors, Inc., Member NASD. Insurance and annuity products are issued by RiverSource Life Insurance Company, an affiliate of Ameriprise Financial Services, Inc., Member NASD, and in New York, by RiverSource Life Insurance Co. of New York, Albany New York. Of the two entities, only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuities in New York. All are part of Ameriprise Financial, Inc.
About Ameriprise Financial
Ameriprise Financial, Inc. is a leading financial planning and services company with more than 12,000 financial advisors and registered representatives that provides solutions for clients’ asset accumulation, income management and insurance protection needs. The Company’s financial advisors deliver tailored solutions to clients through a comprehensive and personalized financial planning approach built on a long-term relationship with a knowledgeable advisor. The Company specializes in meeting the retirement-related financial needs of the mass affluent and affluent. Financial advisory services and investments are available through Ameriprise Financial Services, Inc. Member NASD and SIPC. For more information, visit ameriprise.com.
Variable annuities are insurance products that are complex long-term investment vehicles. Before you invest, be sure to ask your investment professional about the variable annuity's features, benefits, risks and fees, and whether the variable annuity is appropriate for you, based on your financial situation and objectives.
You should consider the investment objectives, risks, charges and expenses of a variable annuity carefully before investing. For a free prospectus, which contains this and other important information about variable annuities, call (800) 333-3437. Read the prospectus carefully before investing.
Withdrawals from variable annuities are taxable, subject to surrender charges, and may be subject to a 10% IRS penalty if taken prior to age 59-1/2.
The SecureSource guaranteed lifetime withdrawal benefit rider for RiverSource Annuities may not be available in all states.
The Portfolio Navigator Program allows clients to allocate their contract value to an asset allocation model portfolio that consists of subaccounts that invest in underlying funds and may include Guarantee Period Accounts and/or the fixed account (if available under the Portfolio Navigator program). The Program also allows clients to periodically update their model portfolio or transfer to a new model portfolio. Prior to participating in the Program, clients should read the description of the Program contained in the prospectus for the variable annuity contract together with all information provided by their financial representative. Past performance is no guarantee of future results. There is no guarantee that investment objectives will be satisfied or that return expectations will be met.
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