Retirement Advantage New York offers a choice of accounts with varying levels of protection, guarantees, and investment options to complement your retirement portfolio.
Allianz Retirement Pro New York offers you a choice of two accounts:
The Base Account is more growth-oriented, with a wide range of investment options from virtually every asset class (with an annual fee of 0.35%). Calculated as a percentage of the net asset value of the investment options in the Base Account.
Or, you can choose the Income Advantage Account1, which is more geared toward protection, and provides lifetime income through withdrawals as well as a death benefit guarantee (available for an annual fee of 1.05% for single Income Advantage Payments). This fee is calculated as a percentage of the Benefit Base. Before Income Advantage Payments begin, the Benefit Base is equal to the Quarterly Anniversary Value (the highest quarterly Income Advantage Account Value prior to age 91 adjusted for subsequent withdrawals and transfers into or out of the account).The Income Advantage Account fee is subject to change (min: 0.25%/max: 1.75%), but will never increase/decrease by more than 0.25% in any 12-month period.
Issue age and minimum
You must be age 80 or younger to purchase Allianz Retirement Pro New York Variable Annuity.
The minimum initial purchase payment is $75,000 for qualified and nonqualified money.
You'll need to work with your financial professional to design an investment portfolio that aligns with your long-term retirement goals.
When you allocate money to the Income Advantage Account, certain allocation rules apply. Allocation to aggressive investment options will be limited, which may limit the downside risk and the upside potential to your contract.
Access your money
Allianz Retirement Pro New York Variable Annuity has no withdrawal charges, which means you have immediate and continued access to the money in both your Base and Income Advantage Accounts, should an unexpected need arise. Refer to the Retirement Pro NY product brochure for more details on accessing your money.
You have several options for your annuity payout:
- life with period certain
- joint and last survivor
- joint and last survivor with period certain
- refund life
Income Advantage Payments are not available once annuity payments begin.
If you should die prior to receiving the entire contract value or annuitizing your contract, your beneficiaries will receive a death benefit as follows:
- Base Account – Base Account value only
- Income Advantage Account – Income Advantage Death Benefit, which is the greater of your Quarterly Anniversary Value (the highest quarterly Income Advantage Account Value prior to age 91 adjusted for subsequent withdrawals and transfers into or out of the account), or your current Income Account Value (less final Income Advantage Account fee)
Before Lifetime Income Payments begin, the Benefit Base is equal to the Quarterly Anniversary Value (the highest quarterly Income Advantage Account Value prior to age 91 adjusted for subsequent withdrawals and transfers into or out of the account).
1Allocation rules and quarterly rebalancing apply.
Talk to your registered representative to see if Allianz Retirement Pro New York Variable Annuity is appropriate for you. Here are some questions they can help answer:
- Are the annuity income or purchase payments protected?
- How can this product fit into my overall portfolio?
- Are there guarantees available with this product?
- What else should I consider that might impact my retirement?