FAQ: Income Annuities

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1 ADVISOR USE ONLY FAQ: Income Annuities Overview What is an income annuity? An income annuity, also called an immediate annuity, is a straightforward and simple solution that creates guaranteed income for clients for a specific period of time. Clients fund the annuity with a lump sum and RiverSource guarantees to send the clients payments based on the option they selected. What are the advantages of an income annuity? Income annuities are simple to understand. They help add certainty to the uncertainty of retirement and the payout options can be tailored to the clients specific income need(s): Simple: Clients first determine how much income they need. Then, with your help, they determine which payout option will generate the income required. After funding the annuity, they begin receiving payments. It s as simple as that. Certain: Clients face various challenges in retirement that can be addressed with an income annuity. Challenge Longevity How many years will clients live in retirement? Market How will the ups and downs of the market affect the value of clients retirement investments? Inflation How will inflation impact clients income needs? Taxes How will taxes impact clients retirement? How the SecureProvider income annuity adds certainty Offers payout options that guarantee income for as long as clients live. Some payout options allow income to continue to a spouse or beneficiary when the original annuitant dies. Payments are fixed and remain constant even in a market downturn. When clients select the Annual Payment Increase option, their annual payment will increase each year by 2%, 3% or 4%. The exclusion ratio 1 allows a portion of each payment from nonqualified income annuities to be income tax-free. 1 The exclusion ratio refers to the amount of the annuity payment that is not subject to income tax. It is considered a return of the client s original principal. Tailored: Clients can tailor their payout to meet their individual income needs from a variety of payout options ranging from income for a specific time period to income that will last over two lifetimes E (7/15)

2 How payout amounts are determined What factors determine how the client s payment is calculated? The amount clients are guaranteed from the SecureProvider income annuity depends on The amount used to fund the annuity The client s gender and age The payout option and frequency selected The interest rate environment at the time the annuity is funded Does the joint life payout option on an income annuity always have to apply to a spouse? No. The joint life payout option is available for non-spouses. How does the Annual Payment Increase option impact the payments, where s the break even point and does it increase? Clients who choose the Annual Payment Increase option (available for nonqualified contracts only) to help protect against inflation will have a lower initial payment. The break even point the point at which the cumulative payments for payouts with this option surpass the cumulative payments without it varies by age and payout option. The annual increase payment option will increase your payment once a year on the anniversary of the contract. The interest on the increase option you select will compound annually. What is the internal rate of return (IRR) on income annuity payouts and where can I go to look up IRRs? The effective annual interest rate or internal rate of return (IRR) for income annuities depends on the length of time clients receive payments. You can find effective annual interest rates for Guaranteed Period payouts on Pricecard on the AdvisorCompass site. For the lifetime payout options, the length of the payout period is unknown, so the internal rate of return for these options cannot be determined. Due to the current low interest rate environment, is my client better off waiting until a rate increase to purchase an income annuity? Although income annuity payments do not change after the time of purchase, mortality rates are also a factor in determining your for-life payout. An income annuity ladder strategy where you purchase multiple income annuities, i.e., 5 annuities purchased 5 years apart, so that the client can take advantage of different rate environments is an option for clients who need to create income now, but who would like to take advantage of potentially higher interest rates in the future. Comparing the SecureProvider annuity with the SecureSource benefit My client needs guaranteed income. How do I determine which income solution to recommend: the SecureProvider income annuity or a variable annuity with an optional SecureSource benefit? The following features can help you determine which solution may be right for your client. Each client s unique financial situation, needs and goals should always be considered first and foremost. Use the table below as a general guideline only.

3 SecureProvider Income Annuity Variable Annuity with an optional SecureSource benefit Age Generally for ages 70+ Generally for ages 45+ Retirement Status Retired Pre-retired or retired Risk profile Conservative to Moderately Conservative Cannot afford market exposure and risk Broader risk profile Willing to experience market exposure for capital appreciation Timing of income need Retirement income concern Income Flexibility Revocability Liquidity Immediate Outliving assets Multiple payout options Annual Payment Increase option available for nonqualified contracts. Ability to commute to a full or partial lump sum payment. The amount of the lump sum will be discounted (less than the sum of the Payment accelerations provide the ability to receive up to six monthly payments in a lump sum that would have otherwise been paid out over time. This feature has a 1-year waiting period and is available for all payout options except Life Ability to commute to a full lump sum payment. The amount of the lump sum will be discounted (less than the sum of the Ability to commute to a full or partial lump sum payment. The amount of the lump sum will be discounted (less than the sum of the Payment accelerations provide the ability to receive up to six monthly payments in a lump sum that would have otherwise been paid out over time. This feature has a 1-year waiting period and is available for all payout options except Life At any time but guarantees may increase if income is delayed. Growth of income Outliving assets Guaranteed income is accessible through withdrawals over time. All guarantees are backed by the strength and soundness of RiverSource Life Insurance Company and, in New York, RiverSource Life Insurance Co. of New York, and are subject to their continued claims-paying ability. On variable annuities, the guarantees do not apply to the performance of the variable subaccounts, which will vary with market conditions. Client can access contract value in a lump sum (surrender charges, contract charges, rider fees and IRS tax penalty may apply). Clients can start and stop withdrawals, adjust the amount and/or timing of the withdrawals. The rider may only be cancelled if there is a fee increase greater than 0.25 percentage points over the client s current fee. Client can fully surrender the contract at any time. (Surrender charges, contract charges, rider fees and IRS tax penalty may apply) Client can access contract value or fully surrender contract at any time (surrender charge may apply).

4 Wealth transfer options SecureProvider Income Annuity The ability to pass on money to beneficiaries will vary depending on the payout option selected. Variable Annuity with an optional SecureSource benefit Clients can pass on wealth to beneficiaries in the form of a lump sum death benefit or the Principal Back Guarantee 2 (any remaining principal plus any locked in gains) paid in a stream of level payments. Market risk None. The contract value will fluctuate based on market performance. The Benefit Base 2 will not decrease due to market performance. It can, however, increase when gains are locked in 2. Market performance is one of the factors that can determine whether the client will receive the income bonus 2 in a given year (not available in NY). Inflation protection Level of complexity The increasing payouts options (2%, 3% or 4% annual increase) can help counter effects of inflation. (This option is only available on nonqualified.) Simple, easy for client to understand. Possible, but with higher risk. Income is based on the Benefit Base, which increases with either credits or gains that are locked in. More complex: more moving parts to consider. Client is generally not well acquainted with the concepts of variable annuity living benefits. 2 For more information, please refer to the SecureSource 4 or SecureSource 4 Plus client brochures - item # s and (or in New York, the SecureSource 4 NY or SecureSource 4 Plus NY client brochures item # s and NY) or the product prospectus. Addressing client concerns What if my client has an emergency and needs a lump sum of money? For any payout option except Life (or Joint Life) Income, if you have already received income for a year, you can request to receive a full or partial lump sum instead of receiving your remaining payments. This is called commuting to a lump sum and is available on contracts sold after Dec. 15, The lump sum amount is determined by discounting the annuity payments (less than the amount of the remaining payments) and surrender charges and IRS penalties may apply. Payment accelerations are also available on contracts sold after Dec. 15, Payment accelerations provide the ability to receive up to six monthly payments in a lump sum that would have otherwise been paid out over time. This feature has a 1-year waiting period and Only guaranteed payments can be accelerated. What if my client is concerned about dying prematurely and losing their money? If clients are concerned that their payments may be cut short due to premature death and that they won t receive the full benefit of the income annuity, they can choose a payout option that allows for income to continue to their spouse or a beneficiary. Examples of these payouts are: Life/Joint Life with Cash Refund, Life/Joint Life with Installment Refund, Life/Joint Life with a Guaranteed Period and Guaranteed Period only (For payout option definitions, see Q10).

5 Preparing for a client meeting How do I run an illustration for an income annuity? Customized illustrations for SecureProvider income annuities can be created in the Encompass Illustration Solutions (Encompass) tool. Encompass is available in the tools menus on the AdvisorCompass site. Where do I find client approved sales literature? You can find selected sales literature on the AdvisorCompass site under Resources > Product Solutions > Annuities > Income Annuities. You may also contact your wholesaling representative for assistance by calling 1 (888) , your advisor number, option 5. Annuities are long-term insurance products. Before the client purchases, be sure to explain the annuity s features, benefits, risks and fees, to help the client determine if the annuity is appropriate for him or her, based upon his or her financial situation and objectives. Variable annuities are complex investment vehicles that are subject to market risk, including the potential loss of principal invested. Withdrawals from variable annuities that do not qualify for a waiver may be subject to a surrender charge. Withdrawals are subject to income taxes and withdrawals before age 59-1/2 may incur an IRS 10% early surrender penalty. There is no guarantee that the SecureProvider income annuity with the Annual Payment Increase option or a SecureSource benefit will keep up with inflation. Neither RiverSource Life Insurance Company, nor RiverSource Life insurance Co. of New York, nor their affiliates or representatives, offer tax or legal advice. Clients should consult their tax adviser or attorney regarding their specific situation. Annuities: Are not FDIC insured Are not insured by any federal government agency Are not bank guaranteed May lose value National current SecureProvider contract numbers: ICC , and state variations thereof. In New York: SecureSource 4 rider numbers: ICC SG, ICC JT, SG, JT. SecureSource 4 Plus rider numbers: ICC SG, ICC JT, SG, JT. SecureSource 4 NY rider numbers: SGNY, JTNY. SecureSource 4 Plus NY rider numbers: SGNY, JTNY. RiverSource Distributors, Inc. (Distributor), Member FINRA. Issued by RiverSource Life Insurance Company, Minneapolis, Minnesota, and in New York only, by RiverSource Life Insurance Co. of New York, Albany, New York. riversource.com/annuities For advisor use only. This material has not been filed with FINRA and may not be reproduced or quoted to, or used with, members of the general public RiverSource Life Insurance Company. All rights reserved. E (7/15)

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