What’s Covered In This Review
In this review, we’ll cover the following information on the AIG American Pathway Solutions MYG Fixed Annuity:
- Product Type
- Current Rates
- Realistic long term return expectations
- How it is used
- How it is most poorly used
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We make the complex, simple.
If you have been thinking about obtaining an annuity for the purpose of increasing your retirement savings in a safe way, while also providing a guaranteed lifetime income in retirement, then the AIG American Pathways Solutions MYG fixed annuity could be a good alternative for you.
However, before you charge full steam ahead with purchasing this annuity – or for that matter, any annuity – it can be helpful to have more detailed information about how these products work, and how they may (or may not) work for your specific needs.
Throughout the past few years, annuities have become more popular, primarily as a means of offering a guaranteed income stream in retirement. Because of this, the number of financial and insurance agents who offer these financial products has also expanded a great deal. This, however, may not necessarily be considered a positive thing.
While financial professionals will typically work hard to do what’s in the best interest of their clients, they may not always be able to provide you with the more specific answers to the questions that you have about annuities – and because of that, you could be making a key decision without all of the intricate details that you should have.
In addition, due in large part to their growth in popularity, the list of annuity offerings that are now available in the marketplace has grown – with some of these alternatives being a tad bit confusing to understand. So, it is important for consumers to take the additional steps that are needed to truly understand what it is you are buying – especially because an annuity purchase could require a fairly large percentage of your overall retirement savings. On top of that, an annuity is considered to be a long-term financial commitment, so if you decide that you no longer want to own these products, it will usually cost you in terms of penalties and fees.
Annuity and Retirement Income Planning Information That You Can Trust
If this is the first time you have stopped by our website, we would like to personally welcome you to AnnuityGator.com.
We are a team of experienced financial professionals who are dedicated to providing you with nonbiased and comprehensive annuity reviews. We’ve been offering in-depth annuity reviews for many years on our site, and because of that, we have become a trusted source.
If you have been seeking information regarding annuities online, it may be that you have run across some conflicting details about these products. This, however, is not entirely surprising, as there are a lot of details, as well as many opinions.
It could also be that you have recently attended an annuity seminar where the presenter went over the details about the AIG American Pathway Solution MYG fixed annuity. This being the case, you may even have wound up here on our website as a result of seeking additional information. You also likely viewed other annuity websites.
Although there are certainly a number of good websites out there on the Internet that are devoted to marketing their annuities, the reality is that some of these sites may try to lure visitors in by making claims such as:
- Highest income payouts
- Lowest fees
- Top-rated annuity carriers
- Guaranteed income for life
- Get your quote now!
Does this look familiar?
If so, these claims will likely sound very appealing. But before you move forward with a purchase, you should also first ensure that they are true – just like you would if you were in the process of purchasing any other high dollar item or service.
This will usually require that you delve into the annuity’s “fine print” so that you can truly know how the product works. Unfortunately, this can be time-consuming – and albeit even a tad bit frustrating.
If you truly want to find out more about the AIG American Pathway Solutions MYG Fixed Annuity, then you have come to the right place. In fact, dare we say that this site is the only place where you can find out all of the nitty-gritty details – including the advantages and the drawbacks – that can help you in ultimately determining whether or not this particular annuity is right for you.
Oftentimes, the insurance agents who are offering fixed annuities will provide a nice picture of how their products provide safety – but will often leave out the details on the potential drawbacks that products have. So, before you move a chunk of your hard-earned savings into one of these annuities, it is essential that you know the whole story.
In order to be clear, here, we do want to state that fixed annuities have many advantages – and, provided that they fit in with what it is that you are looking for in a financial product – they can also be beneficial for you. Given that, it is essential that you know exactly what it is that you are purchasing, as well as why you may be choosing one specific annuity over a list of other potential annuity alternatives.
This annuity review is here to help you with better understanding all of the “fine print” so that you have a much more clear knowledge of whether or not the AIG American Pathway Solutions MYG Fixed Annuity will be right for you in achieving your ultimate retirement goals.
So, if you are ready to dive in, let’s proceed.
AIG American Pathway Solutions MYG Fixed Annuity
|Product Name||American Pathway Solutions MYG|
|Type of Product||Fixed Annuity|
|Standard & Poor's Rating||A+|
|Phone Number||(800) 888-2452|
Opening Thoughts on the AIG American Pathway Solutions MYG Fixed Annuity
AIG has been in the insurance and financial services marketplace for almost a full century. During that time, this company has expanded into one of the largest and more well-respected financial entities around the globe.
Due in large part to its positive reputation, along with its strong financial foundation, this insurer has been given very high ratings from the insurer rating agencies, including an A from A.M. Best, an A+ from S&P, and an A2 from Moody’s.
The company has also earned an impressive list of accolades and awards, which include a 2016 Business Insurance Innovation Award, a Travvy Award in 2016, and a CIO 100 Honoree award in 2016 for the company’s use of technology.
Due to the vast amount of volatility that has taken place in the market over the past decade or so, the demand for fixed annuities have grown significantly – primarily as a method for retirees, and those who are saving for retirement, to keep their money safe.
But, due to the historically low-interest rate environment that we have been living in for nearly the past decade, unfortunately, the “price” of keeping your principal safe has come in the form of very low returns – returns that usually can’t even keep pace with the rate of inflation. This, then, could have an impact on your future purchasing power and, in turn, your overall retirement lifestyle.
Before we get into the gritty details, here are some necessary legal disclosures…
This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. AIG has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This annuity review is meant solely to be an independent review at the request of our readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity. Prior to committing to the purchase of any type of insurance and/or investment vehicle, it is critical that you do your own due diligence, and that you also talk with a properly licensed professional if you have any questions that relate to your specific situation. All of the names, materials, and marks that have been used in compiling this annuity review are the property of their respective owners.
For additional information on how to compare fixed annuities so that you can decide which may be the best one for you, contact us in order to obtain our free annuity report.
How AIG Describes the American Pathway Solutions MYG Fixed Annuity
According to the information on AIG’s website, the American Pathway Solution MYG Annuity is a single premium fixed annuity product. For those who are interested in a conservative, yet flexible addition to retirement savings, then this could provide you with a good alternative as it can help you to balance choice and stability, along with the opportunity to grow your money over time. This annuity also offers the option for receiving an ongoing, lifetime income in retirement.
Just some of the key benefits of the AIG American Pathway Solution MYG fixed annuity include:
- Guaranteed Rate Periods
- Predictable Retirement Income
How a Financial Professional Might “Pitch” This Annuity
There are many benefits that can be obtained through this particular product, including guaranteed interest rate periods, as well as a guaranteed minimum renewal rate. Based on the information in the AIG American Pathways Solutions MYG fixed annuity brochure, this annuity has guaranteed rate periods of five, six, seven, eight, nine or even ten years in most states.
If you have been approached by an insurance or financial professional who is offering you this annuity, then they may have keyed in on certain features that it offers, such as a guaranteed rate, as well as an ongoing stream of income in the future that can last throughout your entire lifetime – regardless of how long that may be.
However, as an educated consumer, it is likely that you have probably also noticed that insurance and financial companies do a great job of making sure that their products sound enticing. For instance, if you go by the bullet points above, you may have determined that this is the best annuity for you.
But, it is also essential to keep in mind that, if you are being offered the American Pathway Solutions MYG fixed annuity – or for that matter, any annuity – via a commissioned sales person, then it is likely that he or she is going to point out all of the highlights, while possibly leaving some of the potential drawbacks out. Because of that, you will definitely want to take a closer look, especially if the purchase of this annuity will require a large chunk of your hard-earned retirement savings.
When delving just a bit deeper into the fine print, you will find that “depending on market conditions, some guaranteed rate periods may not be available at all times.” Likewise, you will need to keep taxes in mind, as unless your annuity is a Roth IRA, your withdrawals from this product will be treated as earnings first, which are subject to ordinary income taxes.
Therefore, even though protection of principal and lifetime income in retirement may be important to you, the truth is that these features can easily be found on most any annuity product. And, if you are able to find these features, along with the opportunity to attain a higher return on your funds, then it could very well be worthwhile to take a closer look at some other options that may be available to you in the marketplace.
The bottom line is that, even though there are truly some nice features that are offered on the American Pathway Solutions MYG annuity, once you have locked up a large sum of your money into this vehicle, it may just be too late for you if you change your mind and want to move those funds into a better product that more closely fits your needs.
Given that, if you still are not 100 percent certain that the AIG American Pathway Solutions MYG fixed annuity is right for you – and you also would like to get answers to any additional questions or concerns that you have – then please feel free to reach out to us via our secure contact form right here.
In addition, if you would like to have more in-depth details about how annuities work – and what you need to know before you purchase one – then just simply click here so that you can get instant access to our free report on what it is you need to know before buying an annuity.
What About the Fees on the AIG American Pathway Solutions MYG Fixed Annuity?
In addition to knowing how your money may perform in a fixed annuity, it is also a good idea to know about any of the additional charges or fees that you may be subject to, both during the annuity’s “accumulation” phase, and when you’re taking income.
This is because the fees that you are charged on an annuity can really add up. They can also have an impact on the amount of money that you’re able to accumulate over time, as well as the amount of income that you will receive when you convert the annuity over to an income stream.
In the case of the AIG American Pathway Solutions MYG annuity, there are no up-front sales commissions. There are, however, ten full years of surrender charges – which is an extremely long time to have your money locked up. This means that if you want to withdraw more than 10 percent of your annuity’s value during this time, you will be assessed a surrender charge on that withdrawal. Plus, if you are under the age of 59 1/2, you may also have to face an additional 10 percent IRS early withdrawal penalty. The surrender charges on the American Pathway Solutions MYG fixed annuity are outlined as follows:
*Note that the surrender charges differ for those who live in New York. In this case, early withdrawals that are in excess of the permitted free amounts will subject to early withdrawal charges during the first seven contract years as follows:
The Annuity Gator’s End Take on the AIG American Pathway Solutions MYG Fixed Annuity
Where it works best:
This particular annuity will usually work the best for those who are looking for:
- Safety of principal
- Guaranteed lifetime income in retirement
- Guaranteed rate protection – at least for a short time after purchasing the annuity
Where it works the worst:
The AIG American Pathway Solutions MYG fixed annuity may not be an ideal fit if you:
- Want access to most or all of your funds within the first five years
- Are seeking a high rate of return on your money
- Do not intend to use the lifetime income feature
In order to truly know how to compare the best annuity options for you, click here so that you can download our free annuity report.
There are a long list of criteria that you should ideally consider prior to purchasing an annuity so that you can have a better idea of whether or not this product is right for you. Prior to taking the next step, know that any annuity purchase should be considered as a long-term endeavor. So, you should feel comfortable in knowing how the annuity can help you with achieving your financial goals.
If you are moving towards a fixed annuity, you can be assured that it can offer your principal protection, along with an ongoing and guaranteed income in retirement. This is the case, regardless of how long you may live.
With the AIG American Pathway Solutions MYG fixed annuity, then, there are definitely some positive and attractive features about it. But, it can also still fall somewhat short – and quite honestly, there may be some better alternatives out there that are available for you. This is particularly the case if you are looking for lifetime income, as well as the opportunity for growth.
If you still have any additional questions regarding whether this particular annuity is the right one for you, or even if you just simply need some additional assistance in guiding you in the right direction, please feel free to reach out to us directly through our secure contact form here.
Do You Have Any Additional Questions on the AIG American Pathway Solutions MYG Fixed Annuity? Did You Notice Any Mistakes in this Review?
We know that this annuity review may have been a tad bit longer than usual. So, thank you for sticking with us through it all. In presenting this annuity review, we would much rather “err” on the side of offering “too much” information, rather than not enough. Therefore, if you felt that this review was helpful, please feel free to forward it and share it with anyone else who you think may benefit from it.
Also, we realize that annuity information can change on a regular basis. So, if you happened to see any information in this review that may need to be revised or updated, please let us know and we will be happy to make any of the necessary corrections.
If this review has instead caused you to be more confused about annuities and how they work, or if by reading over it, it has prompted you with additional questions, then please click here and let us know that, too.
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