Nationwide Destination Future Variable Annuity® is a variable annuity that’s designed for investors looking for tax-deferred growth, varied investment choices and retirement income. It was designed to give clients greater flexibility to choose the features and benefits that best match their individual needs.
This variable annuity can help you plan for retirement by offering a solid approach for today with time to build for tomorrow. Once you retire, you can take income from your balance. This is called annuitization. If you should pass away unexpectedly before annuitization occurs, a death benefit will be paid to your beneficiaries.
Keep in mind that if you take withdrawals before you’re 59½, you may have to pay a 10% tax penalty in addition to ordinary income taxes. Early withdrawals may be subject to ordinary income taxes. They may trigger early surrender charges and reduce your death benefit and cash value.