To open an account, you will need your bank routing number and account number, beneficiary information (including date of birth and address), the amount of money you want to contribute and how often you want to contribute, estimated monthly expenses and estimated current liquid assets (checking, savings, money market, CDs).
Frequently Asked Guaranteed Retirement Income Questions
Do I need to calculate my exact monthly expenses or current liquid assets before starting the enrollment process?
No. Your best guess will be fine. We are required to ask these questions by the state in order to make sure we aren’t selling you a product you cannot afford. Your answer has no impact on your future income.
One of the questions asked when I am opening an account is whether or not I have life insurance or an annuity and if I would be replacing my life insurance or annuity to fund my Guaranteed Retirement Income account. Why does this matter?
Please answer this question honestly. Having existing life insurance or an annuity does not prohibit you from opening an account. The state requires that we ask this question to make sure that this product is the right product for you.
You must be at least 35 years old to sign up. The maximum age to sign up is 70.
There are no tax implications during the period in which you are contributing into the account. A portion of your guaranteed income will be taxed at the time it is distributed. The money you put into the account will not be taxed twice.
You must set up a reoccurring contribution on a monthly, quarterly, semi-annual or annual basis. In addition to your regularly scheduled contribution, you may also make one-time contributions whenever you want. You must contribute at least $120 within a 12-month period.
If you don’t make any contributions for 13 consecutive months, your account will be closed and your total contributions with be returned to you.
You may contribute up to $12,000 every year.
Yes. When opening your account, you will be asked to connect your bank account to your Guaranteed Retirement Income account. Then at the frequency you choose, monthly, quarterly or annually, the amount you choose will be automatically withdrawn from your bank account.
Not at this time.
Yes. You can make changes to the amount online at Nationwide's website.
There are no fees to sign up or for ongoing administration.
Each time a contribution is made, your online account will update to show you how much future income you will receive. You can also access a "what if" calculator when you log into your account to simulate contributions and potential outcomes.
Please use our "what if" calculator to determine how changes to your contributions will impact your future income.
Nationwide® is a U.S.-based company with a history of strength and stability dating back more than 90 years. Although you might think of us as an insurance company, we also offer financial services products including annuities, mutual funds, life insurance and retirement plans. We are currently providing retirement solutions for millions of Americans. You may not have known this because our financial services products are typically sold through Financial Advisors. We are offering this product to you directly because we are committed to helping all of America retire successfully and to creating a brighter future for our members and communities.
This product can be a great addition to other things you may already be doing like paying off debt, contributing to a 401K, having life insurance and setting aside money in a rainy day fund.
No. Guaranteed Retirement Income is an individual solution, similar to an IRA or Roth IRA. Your spouse can open his or her own account.
The amount of income you will receive depends on how much you contribute and how long you contribute for. The longer you contribute, the more monthly retirement income you will receive. Run scenarios now using our "what if" calculator to see how much income you could receive.
Guaranteed Retirement Income from Nationwide is different from a typical investment, where you calculate a rate of return, since you will be receiving money every month for the rest of your life, as opposed to a lump sum payment when you retire. If you live a long time after turning 65, this retirement savings account may be a good choice for you.
You must be 65 years old to begin taking income and you must contribute for at least 15 years.
Yes, it’s backed by the strength and stability of Nationwide.
Yes. You can start taking money as early as age 65, as long as you have contributed for at least 15 years, whether you are working or not working.
Yes. You can have up to five beneficiaries.
No. The money will be equally divided among your beneficiaries.
The money you have contributed will be returned to your beneficiary.
Your beneficiary will receive the balance of your income that hasn't been distributed in a single lump sum payment.