4.9
based on complex data
Annuity Educator Rating
Annuity review
Synergy Choice
Synergy Choice's annuity product offers an excellent way to securely grow your retirement savings. As a Single Premium Deferred Fixed Multi-Year Guaranteed Annuity (MYGA), it provides a guaranteed, fixed interest rate for the term you select. This means no market risks to your principal and steady growth over time.
Purchasing Synergy Choice is easy and flexible. With a $25,000 minimum and $1,000,000 maximum premium, multiple year terms to choose from, and optional withdrawal features, you can tailor your annuity plan to suit your needs. Not to mention, your earnings grow tax-deferred, shrinking your tax bills and enhancing your savings.
!
About Product
Premium Type
Single Premium
Fee withdrawal:
None
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$25,000
Maximum Contribution
$1,000,000
Min Age Qualified
18
Max Age Qualified
90
Types Of Funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, 457 plan, and TSP
Launch Date
06/15/2022
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 5.15% |
| 5 years | 5.1% |
| 7 years | 5.3% |
Synergy Choice from Aspida Life Insurance Company is a single premium multi-year guaranteed annuity (MYGA). It offers a simple, steady, guaranteed way to build retirement savings with flexible features to customize your annuity contract.
A Fixed Rate of Return
The rate of return for your Synergy Choice contract is locked-in for the 2, 3, 5, or 7 year guarantee period you choose.
Plan Types
May be issued as Traditional, Non-Qualified IRA, or Roth IRA Accepts rollovers from qualified plans, 457 plans, IRAs, Simplified Employee, Pension (SEP) plans, 403(b) plans, and SIMPLE IRAs.
Note: Inherited IRA would be rolled over into a New Traditional IRA. If you already have an IRA, you can roll over the inherited assets to another traditional IRA in your name or convert the assets to a Roth IRA. The simplest way to do that is through a direct, trustee-to-trustee transfer from one account to the other or between one IRA custodian and another.
Tax-Deferred Growth
All the earnings in a Synergy Choice MYGA grow 100% tax deferred, which means you don’t pay taxes on the interest as it’s earned, only when you withdraw it.
Protection from Loss
While the money in a guaranteed annuity may earn less interest over time than if it was invested in the stock market, it’s also protected from loss. Because your premium is protected—and any earnings are tax-deferred — a guaranteed annuity could be a smart place to keep all or a portion of your retirement savings.
Annuitization
After one year, you have the option to turn your annuity’s contract value into a stream of regular income payments through a process called annuitization. There are several settlement options available for your contract, including those that will generate a guaranteed lifetime income.
Access to your income
If you request a withdrawal or surrender your contract before the end of your current guarantee period, you may be subject to a withdrawal charge and market value adjustment. Each guarantee period has its own withdrawal charge schedule, which decreases over time.
Market Value Adjustment (MVA)
When you take a withdrawal in excess of any free amount during the withdrawal charge period, the amount you receive may be increased or decreased by a market value adjustment (MVA). If the market index interest rates are higher than when you purchased the annuity, the MVA amount will be negative, decreasing your withdrawal amount and/or annuity balance. If market index interest rates are lower than when you purchased the annuity, the MVA is positive, increasing your withdrawal amount and/or annuity balance. The MVA does not impact Annuitizations or the Minimum Guaranteed Surrender Value.
A Fixed Rate of Return
The rate of return for your Synergy Choice contract is locked-in for the 2, 3, 5, or 7 year guarantee period you choose.
Plan Types
May be issued as Traditional, Non-Qualified IRA, or Roth IRA Accepts rollovers from qualified plans, 457 plans, IRAs, Simplified Employee, Pension (SEP) plans, 403(b) plans, and SIMPLE IRAs.
Note: Inherited IRA would be rolled over into a New Traditional IRA. If you already have an IRA, you can roll over the inherited assets to another traditional IRA in your name or convert the assets to a Roth IRA. The simplest way to do that is through a direct, trustee-to-trustee transfer from one account to the other or between one IRA custodian and another.
Tax-Deferred Growth
All the earnings in a Synergy Choice MYGA grow 100% tax deferred, which means you don’t pay taxes on the interest as it’s earned, only when you withdraw it.
Protection from Loss
While the money in a guaranteed annuity may earn less interest over time than if it was invested in the stock market, it’s also protected from loss. Because your premium is protected—and any earnings are tax-deferred — a guaranteed annuity could be a smart place to keep all or a portion of your retirement savings.
Annuitization
After one year, you have the option to turn your annuity’s contract value into a stream of regular income payments through a process called annuitization. There are several settlement options available for your contract, including those that will generate a guaranteed lifetime income.
Access to your income
If you request a withdrawal or surrender your contract before the end of your current guarantee period, you may be subject to a withdrawal charge and market value adjustment. Each guarantee period has its own withdrawal charge schedule, which decreases over time.
Market Value Adjustment (MVA)
When you take a withdrawal in excess of any free amount during the withdrawal charge period, the amount you receive may be increased or decreased by a market value adjustment (MVA). If the market index interest rates are higher than when you purchased the annuity, the MVA amount will be negative, decreasing your withdrawal amount and/or annuity balance. If market index interest rates are lower than when you purchased the annuity, the MVA is positive, increasing your withdrawal amount and/or annuity balance. The MVA does not impact Annuitizations or the Minimum Guaranteed Surrender Value.
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Free Interest Withdrawal with 0.10% Rate Adjustment | No | 0.10% rate reduction |
| 10% Free Withdrawal with 0.20% Rate Adjustment | No | 0.20% rate reduction |
Waivers
No Waivers for Synergy Choice annuity.
Company Founded: 2021
Excellent Rated
Company
Company Ratings
4.3
- A.M. Best A-
- Comdex 56
Assets: $3,079,080,253
California
Other Aspida Products
You might also be interested in
