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A variable annuity is an insurance contract that allows you to accumulate assets on a tax-deferred basis to help meet your retirement goals. This means your money has the opportunity to grow faster, because you don't pay taxes on earnings until you actually withdraw them.
Similar to a fixed annuity, a variable annuity helps protect against the possibility of outliving your retirement savings. With a variable annuity, you choose how to allocate your premiums among a variety of stock and bond investment portfolios and fixed accounts.
A variable annuity's value fluctuates over time, according to the performance of the investment options selected. Investments in fixed accounts earn at least a minimum interest rate guaranteed in the contract.
Optional death benefits are often offered, at an additional cost, within a variable annuity; for example, a benefit ensuring that your beneficiaries receive at least the value of your premium payments or the maximum value on an anniversary date, depending on the death benefit selected.
Living benefits may also be offered, at an additional cost, with a variable annuity. One kind of living benefit, called a guaranteed minimum accumulation benefit, can ensure a guaranteed minimum account value at a given point in time.
A variable annuity consists of two stages: 1) an accumulation stage and 2) a distribution stage. At retirement, or another chosen time, you may enter a distribution period and select to receive a stream of income. There are many options available for the distribution stage.
In considering this product, or any other variable annuity, for a qualified retirement investment, please note that the tax-deferral feature is not necessary. However, annuities provide other features and benefits that may be important to you.
Your financial representative with Thrivent Financial for Lutherans can help
Contact your financial
representative for more information about the Flexible Premium Deferred
Variable Annuity from Thrivent Financial for Lutherans. He or she can provide
you with costs, complete details of coverage, exclusions, reduction of benefits,
and terms under which the contract may be continued in force or discontinued.
Download a prospectus for the
Thrivent Financial for Lutherans Variable Annuity. The prospectus contains
more complete information on charges and expenses. You
should read the prospectus carefully before you invest or send money.
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