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Nationwide Summit is a single-purchase-payment deferred fixed indexed annuity with features that help protect your money as you accumulate retirement savings. The minimum initial purchase amount is $25,000.
There are no annual contract or administration fees. But if you withdraw assets within the first 7 years of your contract, your principal may be reduced by fees known as contingent deferred sales charges (CDSC). 1
You won’t lose any of your initial investment or credited earnings, regardless of how your underlying index or indexes perform.
You have the potential for higher credited earnings than traditional fixed investments might offer
The death benefit can be paid to either surviving spouse, no matter who dies first, or who owns the contract. Tax deferral nw-heading Your annuity value may grow tax-deferred.
Your annuity value may grow tax-deferred.
Accumulation and protection
As life expectancies increase and the responsibility for funding retirement shifts to the individual2, preparing for retirement is more important than ever.
Longer life expectancies
We’re living longer, so chances are good we’ll also spend more time in retirement. It’s important to think about how to fund those extra years.
A shift in responsibility
Pensions used to be a reliable source of retirement income, but the burden of funding retirement has overwhelmingly shifted to the individual.
Common influences on retirement investment decisions
Fears about the stock market and general financial stability are common. As a result, many people have been keeping their money in cash vehicles, like savings accounts, while they look for investments with guarantees.
What is a fixed indexed annuity?
A fixed indexed annuity offers returns based on the changes in an underlying index, such as the S&P 500® Composite Stock Price Index. Indexed annuity contracts also offer a specified minimum which the contract value will not fall below, regardless of index performance. A fixed indexed annuity isn’t a stock market investment, nor does it directly participate in any stock or equity investment. With the index account, your earnings are credited annually based on the performance of the underlying index or indices, up to a maximum amount referred to as a cap.3
- Fixed account
- Index account
With the fixed account, the annual interest rate is credited daily.
Nationwide Summit offers two different indexes
S&P 500 Price Index
Widely recognized as the leading indicator of the performance of the American economy and one of the most commonly followed equity indexes, the S&P 500 has nearly 60 years of history and consists of 500 large cap, publicly traded companies.
J.P. Morgan Mozaic IISM Index
This index’s asset selection is based on the tendency for asset classes exhibiting positive recent returns to be more likely to continue to deliver performance. Each month the index evaluates 15 global asset classes and selects nine that with the greatest returns in the past six months. It then strategically allocates to each in order to smooth volatility within the index and create more consistent returns.
J.P. Morgan Mozaic IISM Index
Watch this short video to see how the J.P. Morgan Mozaic II℠ Index may help provide steady growth in a variety of markets.
Nationwide Summit resources
Nationwide Summit FAQs
For the annuitant, 90 for single life and 85 for joint life. The owner may be any age*.
Several are part of Nationwide Peak:
- Roth IRA
- SEP IRA
- Simple IRA
- Charitable remainder trust
If you’re the sole owner and annuitant, when you pass away a death benefit will be paid to the beneficiaries named in your contract. The death benefit will be equal to the account value.
A Joint Option is also available if the contract owner names a spouse as a co-annuitant. This feature allows a death benefit to be paid to either surviving spouse, no matter who passes away first or who owns the contract. The surviving spouse also has the option to continue the annuity contract at the death benefit value.
Any remaining CDSC or MVA would no longer apply to the contract. The death benefit will be equal to the contract value.
 Without capital gains and dividends.
Annuities have limitations. They are long-term vehicles designed for retirement purposes. They are not intended to replace emergency funds, to be used as income for day-to-day expenses, or to fund short-term savings goals. Investing involves risk. A fixed indexed annuity is not a stock market investment and does not directly participate in any stock or equity investment. It may be appropriate for individuals who want guaranteed interest rates and the potential for lifetime income. Guarantees are subject to the claims-paying ability of the issuing insurance company. If you take withdrawals before you're age 59½, you may have to pay a 10% early withdrawal federal tax penalty in addition to ordinary income taxes. Withdrawals may trigger early surrender charges, reduce your death benefit and contract value.
The "S&P 500" is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by Nationwide Life and Annuity Insurance Company ("Nationwide"). Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC ("S&P"); DJIA®, The Dow®, Dow Jones® and Dow Jones Industrial Average are trademarks of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Nationwide. Nationwide Peak fixed indexed annuity is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500.
The J.P. Morgan MOZAIC II℠ Index (“Index”) has been licensed to Nationwide Life and Annuity Insurance Company (the “Licensee”) for the Licensee's benefit. Neither the Licensee nor Nationwide Peak® fixed indexed annuity (the “Product”) is sponsored, operated, endorsed, recommended, sold or promoted by J.P. Morgan Securities LLC (“JPMS”) or any of its affiliates (together and individually, “JPMorgan”). JPMorgan makes no representation and gives no warranty, express or implied, to contract owners taking exposure to the Product. Such persons should seek appropriate professional advice before making any investment. The Index has been designed and is compiled, calculated, maintained and sponsored by JPMS without regard to the Licensee, the Product or any contract owner. JPMorgan is under no obligation to continue compiling, calculating, maintaining or sponsoring the Index. JPMorgan may independently issue or sponsor other indices or products that are similar to and may compete with the Index and the Product. JPMorgan may also transact in assets referenced in the Index (or in financial instruments such as derivatives that reference those assets). These activities could have a positive or negative effect on the value of the Index and the Product.
Nationwide Summit is underwritten by Nationwide Life and Annuity Insurance Company, Columbus, Ohio 43215.
Nationwide Summit is a service mark of Nationwide Mutual Insurance Company.