For retirement income as long as you need it, look to INCOME Promise Select, a fixed immediate annuity from Nationwide. The payment amount from your INCOME Promise Select contract is set and cannot be affected by market fluctuations; so your retirement income is shielded from market risk. And, if you invest money you’ve already paid taxes on, part of each guaranteed payment will be tax-free.
Get a guaranteed and stable income stream that can start immediately, in exchange for a single lump-sum payment.
Benefits of INCOME Promise Select
Steady income that starts immediately
You can turn a lump sum from an inheritance, sale of a business or other assets into a stream of income to start receiving immediately or within 365 days.
Income you can’t outlive
If you purchase single or joint life options, you’ll have guaranteed income for life no matter how long you, or your spouse, lives.
Access to your money
If you elect a term-certain or life-with-cash-refund option, you’ll have access to your money through a liquidity feature
Hedge against inflation
A cost-of-living adjustment (COLA) can be elected at contract issuance that will automatically increase your annual payment by 1%, 2%, 3%, 4% or 5%. Please note that based on the tax status of the contract and age of the contract owner, not all COLA percentages may be available at all times. Check with Nationwide for availability.
Access to your money in the time of an emergency, available during the liquidity period. Withdrawals may reduce future payments.
May help you qualify for Medicaid benefits and/or protect your healthy spouse from going broke.
Cost-of-living adjustment (COLA)
An available feature that automatically increases your annual payment amount by 1%, 2%, 3%, 4% or 5%, compounded annually. Must be chosen when you purchase the annuity.
Read our guide
Annuities have limitations
Annuities are long-term vehicles designed for retirement purposes. They're not intended to replace emergency funds, to be used as income for day-to-day expenses, or to fund short-term savings goals.
Withdrawals prior to age 59½ may be subject to a 10% early withdrawal federal tax penalty. Withdrawals of earnings at any age are subject to ordinary income tax. Withdrawals reduce the death benefit and the cash surrender values proportionately.
Tools & resources
Withdrawals prior to age 59½ may be subject to a 10% federal tax penalty. Withdrawals of earnings at any age are subject to ordinary income tax. Withdrawals reduce the death benefit and the cash surrender values proportionately.
Neither Nationwide nor its representatives give legal or tax advice. Please contact your attorney or tax advisor if you have specific tax questions.
INCOME Promise Select, a single-premium immediate fixed annuity, is underwritten by Nationwide Life Insurance Company. INCOME Promise Select is a service mark of Nationwide Mutual Insurance Company.
Guarantees and protections are subject to Nationwide's claims-paying ability.