American Freedom Aspire 3
Highlights
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Premium Type
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Single Premium
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|---|---|
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Max age Qualified
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90
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Minimum Contribution
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$2,000
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Maximum Contribution
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$1,000,000
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Market value adjustment
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Return of premium
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|
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Free withdrawal
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10% |
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Launch date
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05/15/2023 |
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Types of funds
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Non-Qualified, IRA, IRA Rollover, 401a, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, 457 plan, Inherited IRA, and NQ Stretch |
Brochure
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Open brochure |
The American Freedom Aspire 3 offers:
- Predictable growth
To help build your retirement savings, your annuity’s interest rate is guaranteed over a three-year period. No matter how the market performs, the value of your annuity will grow at a steady rate. - Return of premium guarantee
If the unexpected occurs, you can surrender your American Freedom Aspire 3 without penalty beginning in contract year three. You’ll receive your purchase payments, minus withdrawals and any applicable taxes. - Protection from loss
Regardless of market conditions, you won’t lose the money you contribute to your annuity unless you take a withdrawal or surrender your annuity during its early withdrawal charge period. - Guaranteed income
When you are ready to turn the money you’ve accumulated in your annuity into guaranteed income, you can select from a variety of options, including payments that will last for the rest of your life.
This product accepts a single purchase payment for non-qualified, 403(b) (Traditional and Roth), Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, Inherited IRA, Inherited non-qualified, 401(a) and 457 plan funds. Minimum: $2,000 Maximum: $1 million for ages 0-85; $500,000 for ages 86+ without prior Home Office approval Maximums apply to the total purchase payments made to all annuities from MassMutual Ascend with the same owners or the same annuitants
Issue Ages
0-90 (qualified); 0-90 (non-qualified); 0-75 (inherited IRA); 0-75 (inherited non-qualified) Issue age is defined as owner’s current age upon contract effective date. For joint owners, the older age will be used as the issue age.
Return of premium Guarantee
Return of premium value is the sum of all purchase payments, less all withdrawals (but not including amounts applied to pay early withdrawal charges) and premium tax or other taxes not previously deducted. Available beginning in contract year three. Included at no additional charge.
Free WIthdrawals
Before the first contract anniversary, up to 10% of the total purchase payment may be withdrawn without incurring an early withdrawal charge. After the first contract anniversary, up to 10% of the account value as of the most recent contract anniversary may be withdrawn without incurring an early withdrawal charge. Cumulative withdrawals made in any year that exceed this 10% withdrawal allowance are subject to early withdrawal charges. Unused portions of the free withdrawal allowance may not be carried over from one contract year to the next.
Withdrawals
Withdrawals generally are allowed any time and are subject to IRS regulations. Minimum withdrawal: $500; Minimum account value following withdrawal: $2,000 Any withdrawals received prior to age 59½ may be subject to restrictions and a 10% penalty tax.
Death Benefit
The death benefit amount is based on the greater of the account value, ROP, or the GMSV. A death benefit is payable if the owner dies before annuitization or surrender. A spouse who is the surviving joint owner or sole surviving beneficiary may become the successor owner.
Payout Options
The following payout options are available: fixed period income, life income, life income with payments for at least a fixed period, and joint and one-half survivor income. The account value will be used to provide income benefit payments.
Renewals
At the end of a multi-year term, if a new term longer than one year is available, clients will have the option to renew their contract for one-year terms or begin a new multiyear term. If clients do not choose an option, the contract will automatically renew for one-year terms. No early withdrawal charges will apply during one-year terms. Early withdrawal charges apply during every multi-year renewal term.
Find out if the American Freedom Aspire 3 is the right product for you.
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 3.8% |
Riders
No Riders for American Freedom Aspire 3 annuity.
Waivers
Terminal Illness
Unavailable in states: MA
After the first contract year, if you are diagnosed by a physician as having a terminal illness, you have the option to withdraw up to 100% of the account value without incurring an early withdrawal charge. A terminal illness is defined as having a prognosis of survival of 12 months or less, or a longer period as required by state law.
Extended Care
Unavailable in states: MA
After the first contract year, if you are confined to a nursing home or long-term care facility for at least 90 consecutive days, you have the option to withdraw up to 100% of the account value without incurring an early withdrawal charge. In California, the Extended Care Waiver Rider has been replaced with the Waiver of Early Withdrawal Charges for Facility Care or Home Care or Community-Based Services Rider, which provides for a waiver of early withdrawal charges under an expanded variety of circumstances.
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