Nationwide Platinum V NY is an individual single-purchase payment, deferred fixed annuity.
Nationwide Platinum V NY is for clients who want to know their money will experience guaranteed interest rate increases for a specified period of time.
- Ability to create a stream of income for life or a specified time period through annuitization
- Initial interest rate guarantee period is 5 years: base interest rate in year 1 increases by 0.15% in years 2 - 5 (cumulative). Second interest rate guarantee period is 5 years: base interest rate in year 6 increases by 0.15% in years 7 - 10 (cumulative).
- 60-day window during the first 60 days of year 6 where the client can keep the money in the contract for the renewal or withdraw it CDSC-free (withdrawals will be subject to ordinary income tax and distributions prior to age 59½ may be subject to a 10% early withdrawal federal tax penalty)
- Potential tax-deferred growth
Product literature/support materials
- Maximum issue age: There is no maximum issue age for contract owner, the maximum annuitant age is 85
- Plan types: Nonqualified, IRA, Roth IRA
- Minimum initial investment: $5,000 single purchase payment; $2,000 for IRAs
- Contingent Deferred Sales Charge (CDSC):
- 10 year with a 60 day CDSC-free window in year 6
- CDSC free withdrawals:
- 10% of contract value annually immediately available (noncumulative, minimum of $100)
- Contract annuitized after 2 years
- IRA RMD
- During the first 60 days of the 6th contract year
For more information or to make a case, contact the Nationwide Sales Desk at 1-800-321-6064.