It's Your Retirement Savings

Grow It Faster With An Annuity

You may understand how bank CDs and bonds work. But did you know that fixed annuities can also help you save more for retirement? We're here to make it easy to understand another strategy that may fit your needs better.

  • Guaranteed Interest Rate

    Our products make it simple to save. The initial guaranteed interest rate is locked in for the guarantee period you choose on your application for the contract.

  • Low Contract Minimums

    We want to make our products accessible for as many people as we can. You can start with as little as $5,000.

Compare Our Rates *
6 year | 5% Free Withdrawal
4 year | 5% Free Withdrawal

Learn more about guaranteed annuities

How will the value of my
Nassau Simple Annuity Grow?

 

You purchase this annuity with a single premium payment. The amount of your premium payment will grow through interest credited to your contract based on the guarantee periods you select. Interest is credited daily at an interest rate we set and guaranteed for the length of the guarantee period. We may refer to this as the guaranteed interest rate. The initial guarantee period will be either four or six years, depending on the length of time that you initially select. We can change this interest rate for each new guarantee period after that.

See How the Nassau Simple Annuity Stacks Up

The calculator is for illustrative purposes only and may not apply to your individual circumstances. Calculated values assume that no withdrawals are made. Not a guarantee of contract value. All annual percentage yields (APYs) are subject to change.

This information is subject to change.

How Can I Withdraw My Money?

Getting access to your annuity contract value

Life is full of surprises. Sometimes you may just want to take a getaway from the rest of the world. We do offer an annuity option that includes annual free withdrawals up to 5% or your required minimum distribution (RMD) for the contract without a surrender charge or market value adjustment (MVA). However, withdrawing additional money from your annuity may result in surrender charges, a negative or positive MVA, and less interest credited to your contract.


Free Withdrawal

Annual Free withdrawals up to 5% or your RMD for the contract without a surrender charge or market value adjustment

 
Nursing Home & Terminal Illness Waivers

We also offer nursing home and terminal illness surrender charge waivers. Surrender charges may be waived if the owner is admitted into a licensed nursing home or if the owner is diagnosed with a terminal illness that is expected to result in a death within six months (24 months in Massachusetts). Waivers are only available after the first contract year. Subject to state approval and certain conditions

 
Annuitization Options

You may choose to annuitize after the first contract year with no penalty. There are currently seven annuity payment options available from which to choose.

 
Available Spousal Continuation

If the spouse of a deceased owner is the beneficiary, the surviving spouse has the the option to elect to continue the contract as the new owner. In the case of a non-qualified contract, the surviving spouse must be the sole beneficiary.

Still Have Questions?
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Recommended Resources For You

A multi-year guaranteed annuity, or MYGA, is an insurance product that provides guaranteed interest rates for a set period of time. These contracts are typically funded with a single premium payment. The insurer will credit interest to your account value from the date of issue until the end of the guarantee period. They are long-term products and are subject to surrender charges and a holding period.

There are a number of important differences between MYGAs and other fixed-interest types of products. Various types of financial products may make sense for your needs and this is not intended to be a comprehensive comparison.

What's important to understand about MYGAs is that they are insurance products issued by an insurance carrier. Their guarantees are backed by the financial strength and claims-paying ability of the issuing company. They are not FDIC insured. They are long-term products and can be used to build retirement assets without premium risk that is typically associated with stocks, bonds or mutual funds.

Fully review any product details before making a purchasing decision.

The issuing insurance carrier is responsible for the guarantees. Guarantees are backed by the financial strength and claims-paying ability of the issuing carrier.

Generally, retirees over the age of 60 find the benefits of the product most attractive. Assets in a MYGA are not subject to market fluctuations as they are fixed insurance products. They can be used to generate a predictable stream of income. However, the premium can generally not be withdrawn prior to the end of the guarantee period without incurring a surrender charge and possible market value adjustment. Any consumer should carefully consider his or her financial situation and potential need for liquidity in the coming years before purchasing a MYGA.

Many carriers require a minimum of a $15,000 premium or transfer of assets to purchase a MYGA.

No. A MYGA generally provides a higher rate of interest than comparable products. However, any premium placed in a MYGA will be subject to penalty charges that decline over time and possibly a market value adjustment. Carefully consider your liquidity needs before purchasing a multi-year guaranteed annuity, or MYGA.

If you withdraw your entire contract value before the end of the guarantee period, a surrender charge and market value adjustment will typically apply and varies depending on the contract and when you make the withdrawal. You typically will not pay a surrender charge if you withdraw up to the amount of accumulated interest. Our company offers versions with and without this feature. Keep in mind that any withdrawals will reduce the contract value and the value of any contract benefits. Additionally, withdrawals are taxed as ordinary income and, if taken prior to age 59 1/2, a 10% federal tax penalty will apply. Before making a purchasing decision, it's important for you to understand exactly how the penalties, surrender charges, and holding periods apply to your specific annuity contract.

Yes, carriers will generally issue MYGAs to individuals from ages 0 to 85.

Some carriers include provisions that will allow you to withdraw some or all of your account value without penalty if a qualifying event occurs, for example if you were to suffer from a terminal illness.

Your age and other factors may impact eligibility for terminal illness benefits, so be sure to review product materials for details.

At the end of the guarantee period, you usually have the flexibility to continue for another period, based on the original guarantee period, or choose a new period with a different duration. At the end of each guarantee period, the carrier will typically declare a new interest rate for each new guarantee period. If the carrier receives no direction from you, the carrier will usually automatically renew your annuity for the same period at the then-current interest rate. If you would prefer to withdraw some or all of your account value at the end of any guarantee period, you will generally have a 30-day window to do so, free of any surrender charge or market value adjustment.

At the end of each guarantee period, your annuity will usually automatically renew into a new guarantee period at the then-current interest rate. Surrender charges may also be reset. Our product does not reset surrender charges.

You typically have a set number of days (at least 10) to look at the multi-year guaranteed annuity after you buy it. If you decide during that time that you don’t want it, you can return the annuity and get all of your premium back, less any prior withdrawals. Read the cover page of your annuity contract as soon as you receive it to understand how many days you have to decide if you want to keep it.

If you should die before the annuity date, your beneficiary will receive the account value of your annuity. Surrender charges do not apply at death. Any gain in the annuity would be subject to income tax. If you should die after the annuity date, any benefits payable to your beneficiary would depend on the income option chosen.

Annuities are tax-deferred, which means you don't pay taxes on the interest earned until you receive a distribution. When you take a withdrawal or begin receiving income, the distributions are subject to ordinary income tax. If withdrawals are taken, the distributions are taxed on a last in, first out (LIFO) basis, meaning withdrawals are made using earnings first, and the contract owner will be taxed on these payments until all the earnings have been distributed.

Buying an annuity within an IRA, 401(k) or other tax-deferred retirement plan doesn’t give you any extra tax benefit. Choose the annuity based on its other features and benefits as well as its risks and costs, not its tax benefits. Please consult your tax advisor regarding your unique situation.

The Internal Revenue Code provides that if a non-natural person holds the annuity and such person is not holding as an agent for a natural person, the contract shall not be treated as an annuity contract for income tax purposes.

Annuities can seem complicated, but so can planning for retirement. As challenging as it can be to build a retirement nest egg, it can be even harder to convert those assets into a predictable stream of income. Annuities can provide guaranteed interest rates and streams of income that can help you meet your retirement income needs. Make certain you understand how any annuity that you may purchase works, the benefits it provides and all restrictions on early withdrawals. Note that guarantees are based on the financial strength and claims-paying ability of the issuing carrier.

Important Disclosures

Financial calculators and calculations are for educational and illustrative purposes only. Nassau makes no representations as to the accuracy or suitability of the information provided. You are encouraged to speak to a financial professional before making any insurance, investment or financial planning decisions.

Annuity contracts may be subject to possible loss of principal and earnings, since a surrender charge and market value adjustment may apply to withdrawals or upon surrender of the contract.

Annuities are long-term contracts. Annuities held within qualified plans do not provide any additional tax benefit. With certain exceptions, surrender charges apply to withdrawals taken during the initial guarantee period and a market value adjustment, which may increase or decrease the amount received upon withdrawal, may also apply at any time.

All or a portion of amounts withdrawn are subject to ordinary income tax, and if taken prior to age 59 1⁄2, a 10% IRS penalty may also apply. Nassau does not provide tax, financial or investment advice, or act as a fiduciary in the sale or service of the product. Consult a tax advisor or financial representative about your specific circumstances.

The information above is intended for use by the general public and is not individualized to address any specific investment objective. It is not intended as investment, tax or financial advice. We encourage you to consult with an advisor who can tailor a financial plan to meet your needs.

Nassau does not provide investment or financial advice or act as a fiduciary in the sale or service of its products.

Product features, options and availability may vary by state. Guarantees are based on the claims-paying ability of the issuing company.

Nassau Single Premium Deferred Fixed Annuities (18FADTCP and ICC18FADTCP) are issued by Nassau Life and Annuity Company (Hartford, CT). In New York, annuities (Form 17IMGA) are issued by Nassau Life Insurance Company (East Greenbush, NY). Nassau Life and Annuity Company is not authorized to conduct business in MA, ME and NY, but that is subject to change. Nassau Life and Annuity Company and Nassau Life Insurance Company are subsidiaries of Nassau Financial Group. The insurers are separate entities and each is responsible only for its own financial condition and contractual obligations.

Insurance Products: NOT FDIC or NCUAA Insured, NO Bank or Credit Union Guarantee

This is a brief description of Nassau Simple Annuity and is meant for informational purposes only. Please refer to your Contract for any other specific information including limitations, exclusions and charges.

BPD #40223