How Allianz Retirement Pro® New York Variable Annuity works
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.
Download product information
Investing in a variable annuity may be the answer for part of your overall retirement strategy. A variable annuity combines the potential for long-term growth through market participation with tax deferral, death benefits, and living guarantees.
Variable annuities are subject to investment risk, including loss of principal, and contract values fluctuate daily. Investment returns and principal value will fluctuate with market conditions so that units, upon distribution, may be worth more or less than the original cost.
Purchasing an annuity within a retirement plan that provides tax deferral under sections of the Internal Revenue Code results in no additional tax benefit. An annuity should be used to fund a qualified plan based upon the annuity’s features other than tax deferral. All annuity features, risks, limitations, and costs should be considered prior to purchasing an annuity within a tax-qualified retirement plan.
Withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10% federal additional tax.
For more complete information about variable annuities and variable investment options, call your financial professional or Allianz Life Financial Services, LLC at 800.729.9743 for a prospectus. The prospectuses contain details on investment objectives, risks, fees, and expenses, as well as other information about the variable annuity and variable investment options, which you should carefully consider. Please read the prospectuses thoroughly before sending money.
Guarantees are backed by the financial strength and claims-paying ability of the issuing company and do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.
• Not FDIC insured • May lose value • No bank or credit union guarantee • Not a deposit • Not insured by any federal government agency or NCUA/NCUSIF
Products are issued by Allianz Life Insurance Company of North America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. In New York, products are issued by Allianz Life Insurance Company of New York, One Chase Manhattan Plaza, 38th Floor, New York, NY 10005-1423, and are distributed by their affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. (L40533-NY01)
In the state of New York, only Allianz Life Insurance Company of New York is authorized to offer annuities and life insurance.
Product and features are available only in New York, and may vary by broker/dealer.