New clients between ages 65 to 74 who begin taking withdrawals can now receive up to 5% of their withdrawal base annually for life, and those ages 75 and older can receive up to 6% of their withdrawal base. A press release said the new percentages – a full point higher than previously available in some cases – “can help financial professionals aid their clients in gaining financial security in retirement.”
The Retirement Income Choice 1.2 and 1.4 riders continue to offer The Power of 12 – an automatic reset based on clients’ best ‘Monthiversary’ value each year – during both accumulation and withdrawal periods. Both riders also still offer compounding 5% withdrawal base growth based on the previous year’s highest ‘Monthiversary’ value.
According to the press release, the new withdrawal schedule arrives shortly after Transamerica added 16 new investment options to its variable annuity platform in November.
Financial professionals interested in learning more should contact the Transamerica sales desk at 1-800-851-7555. Investors should contact the customer care group at 1-800-525-6205.