ST. PAUL, Minn., Nov. 24 /PRNewswire/ -- Retirees and Baby Boomers near retirement are looking for an uncomplicated means of turning part of their nest egg into a steady stream of retirement income. Securian's new single payment immediate annuity, IncomeToday!, issued by Minnesota Life, provides help with the retirement income quandary.
"With fewer employers offering the traditional pensions that guarantee income in retirement, more of us -- especially women, who tend to live longer -- are facing the challenge of providing ourselves with retirement income," said Kerry Geurkink, director, Annuity Marketing, Securian Financial Group. "IncomeToday! creates a pension-like source of income to fill that gap in retirement."
In return for an initial lump sum payment of $25,000 to $2,000,000, IncomeToday! provides a stream of monthly payments for life or for a specific time period. The monthly payments are guaranteed to continue throughout the contract period. Beyond monthly income payments, IncomeToday! offers additional one-time access to future income, no matter what the reason, with an advance withdrawal benefit. This benefit provides an additional measure of flexibility to help retirees adjust to their financial needs in retirement.
The IncomeToday! annuity provides:
-- Safety for part of the retirement income portfolio. Although the
markets may go up and down, the monthly payment remains the same.
-- Freedom to invest for growth with other assets.
-- Tax advantages that stretch the tax liability over a longer time
period.
-- Joint life options to cover both spouses.
-- Availability to anyone up to age 90.
Selecting a lifetime income option for the IncomeToday! annuity also may satisfy the required minimum distribution from a qualified retirement plan such as a 401(k) because it turns a portion of the assets into regular payments over a lifetime.
"If all goes well, today's retiree will spend at least 20 years in retirement," said Geurkink. "It's smart to assume that retirement savings will need to last through the age of 90. Securian's IncomeToday! annuity is a valuable aid in achieving that goal."
Securian Financial Group helps provide financial security for individuals and businesses in the form of insurance, retirement plans and investments. Securian has nearly $700 billion of life insurance in force, $27 billion in assets under management as of September 30, 2008, and a nationwide work force of 3,500 employees. Securian serves more than 9,000,000 individuals in the U.S. Annuities are marketed through Securian Retirement Distributors, 1-866-335-7355.
Minnesota Life, a subsidiary of Securian Financial Group, Inc., is highly rated by the major independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies. For more information about the rating agencies and to see where Minnesota Life's ratings rank relative to others, go to securian.com/financials.
The guarantees in IncomeToday! are based solely on the financial strength and claims-paying ability of Minnesota Life. Individuals should thoroughly review the contract for specific details of the product features and costs. Income payments and withdrawals from immediate annuities are generally taxable as ordinary income in the year in which taken. When purchased as part of an IRA or other qualified plan, the IRA or qualified plan already provides tax deferral of earnings and the annuity contract does not provide any additional tax deferred treatment of earnings. Withdrawals taken from a qualified plan prior to age 591/2 may incur a 10% federal tax penalty. This information should not be considered tax advice. Individuals should consult a tax advisor regarding their own tax situation. IncomeToday! may not be approved in all states and features may vary by state.
SOURCE Securian Financial Group
For further information: Maggie Jensen, APR, of Securian Financial Group, +1-651-665-7558
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