American Freedom Aspire 5
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Learn how an annuity can provide guaranteed income for life.
Key Takeaways
- The American Freedom Aspire 5 is a long-term investment that offers a varying interest rate
- The annuity provides penalty-free withdrawals and guarantees return of principal
- Purchase of the annuity initiates with an initial deposit of $2000
- Safety measures such as a return of premium guarantee and principal protection are offered
- Payout options include a variety of lifetime income streams carefully crafted for each customer
- Annuity features waiver riders that cover extended care and terminal illness
Pros and Cons of American Freedom Aspire 5
Pros
- The annuity offers an increasing interest rate
- A return of premium guarantee is provided
- Principal is safe regardless of market conditions
- Various payout options including lifetime income streams are available
Cons
- The annuity is intended for long-term, not suitable for short-term investors
- Early withdrawal may result in charges
- Additional premiums can only be added as a lump sum
- Penalties may apply for premature withdrawal of funds
The American Freedom Aspire 5 is a flexible premium deferred annuity.
For more information about submitting New Business applications, please contact the MassMutual Ascend sales desk directly at 1-888-504-7109 option 2
A fixed annuity offers:
For more information about submitting New Business applications, please contact the MassMutual Ascend sales desk directly at 1-888-504-7109 option 2
A fixed annuity offers:
- Growth with an increasing interest rate
The American Freedom Aspire 5 offers an increasing interest rate to help build your retirement savings. A base interest rate will be set for each purchase payment you make. Each year during the purchase payment’s five-year term, the interest rate will increase by 0.10%. - Return of premium guarantee
If the unexpected occurs, you can surrender your American Freedom Aspire 5 without penalty after contract year three. You’ll receive your purchase payments, minus withdrawals and any applicable taxes. - Safety of principal
Regardless of market conditions, you won’t lose the money you contribute to your annuity unless you take a withdrawal or surrender your contract during its early withdrawal charge period. - Guaranteed retirement income
When you’re ready to turn the money you’ve accumulated in your annuity into retirement income, you can select from a variety of payout options, including an income stream that will last for the rest of your life.
Issue ages
- Qualified: 0–89
- Non-qualified: 0–89
- Inherited IRA: 0–75
- Inherited non-qualified: 0–75
Purchase payment
You can purchase this annuity with an initial purchase payment of $2,000 or more. You can add to your annuity at any time with additional purchase payments of at least $2,000. Great American only allows additional premiums to be added as a Lump Sum, Periodic Payments are not allowed.
Penalty-free withdrawals
During the first contract year, you may withdraw up to 10% of your purchase payments. After the first contract year, 10% of the account value on the most recent contract anniversary may be withdrawn. Amounts withdrawn in excess of the penalty-free withdrawal allowance may be subject to early withdrawal charges.
You can purchase this annuity with an initial purchase payment of $2,000 or more. You can add to your annuity at any time with additional purchase payments of at least $2,000. Great American only allows additional premiums to be added as a Lump Sum, Periodic Payments are not allowed.
Penalty-free withdrawals
During the first contract year, you may withdraw up to 10% of your purchase payments. After the first contract year, 10% of the account value on the most recent contract anniversary may be withdrawn. Amounts withdrawn in excess of the penalty-free withdrawal allowance may be subject to early withdrawal charges.
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 5 years | 4.75% |