If the idea of converting a portion of your accumulated assets into a regular stream of income at retirement appeals to you, the Select Immediate Income Annuity, Select Deferred Income Annuity or Select Portfolio Deferred Income Annuity from Northwestern Mutual may be just right for you. With just one premium, a Select Income Annuity can provide a steady, guaranteed stream of fixed income from one of the country's most financially sound insurance companies.*
An income annuity is a way for you to supplement your Social Security and other savings to help you maintain your financial lifestyle during retirement.
Is an income annuity right for you?
It's no secret that people are living longer. Living longer means there are more years to enjoy family, friends and dreams. A longer retirement introduces the possibility of not having sufficient retirement income to support your lifestyle. A guaranteed lifetime payout can protect you from outliving your income.
With the lifetime income option you can rest assured that you will never outlive your income.
If you choose this option, you can receive a series of scheduled payments, from 2 to 30 years.
You can arrange for payments to continue for the lifetimes of both you and your spouse.
Read more about your income plan options.
You can choose to receive your scheduled payments on a monthly, quarterly, semi-annual or annual basis.
Your income will be a fixed amount and not subject to market volatility. You will be able to budget and plan your life around this steady stream of income.
By receiving income on a gradual basis, as opposed to withdrawing it in a lump sum, you are able to spread your taxable income out over time. (Consult a professional tax advisor for further information on the taxation of immediate annuities.)
There are no health or age restrictions, issue fees, or annual expenses.
Any annuity income plan is only as good as the insurer that issues it. Payments under an annuity income plan are solely backed by the issuer, making the issuer's financial strength an important consideration. With the Select Immediate Income Annuity or the Select Deferred Income Annuity, you'll gain the financial strength and stability of Northwestern Mutual, one of the most respected insurance companies in operation today. Founded in 1857, Northwestern Mutual has the highest financial strength ratings awarded to any life insurer by all four of the major credit rating agencies.
Third-party ratings are a measure of a company's relative financial strength and security, but are no reflection on the performance of the variable funds. The performance of variable funds is not guaranteed and can fluctuate so that the value of your contract can be more or less than your original investment. Third party ratings are subject to change.
Securing income throughout your retirement years is of utmost importance. However, if you have other resources and priorities, you may use the level income payments you receive from your annuity for other purposes, such as to:
- Replace the stream of income relied upon from a now deceased spouse
- Support an elderly parent or a child with special care or education needs
- Provide periodic income, rather than lump sum payments, to a minor or college student
- Fund a charitable concern
- Pay a fixed period debt obligation
When you're looking to purchase an income annuity, here are some questions to consider:
- Is the company I'm handing my money over to financially strong?
- Will the company work with me to determine what income plan best meets my needs?
Your Northwestern Mutual financial representative can help you choose from a variety of income plans available to meet your needs. Contact your financial representative for more information on Northwestern Mutual's immediate annuities and a free quote.
*All guarantees are based solely on the claims-paying ability of the issuer.