Independent Review of the Nationwide Advisory Solutions Single Premium Immediate Annuity
What is covered in this annuity review?
In this annuity review, we will be going over the in-depth details regarding the Nationwide Advisory Solutions Single Premium Immediate Annuity with regard to:
- Product type
- Current rates
- Realistic long-term return expectations
- How it is used
- How it is most poorly used
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in.
We make the complex, simple.
Over the past decade or so, as life expectancy has significantly increased, one of the primary fears on the minds of retirees is outliving income in the future. Adding fuel to the fire is the extremely volatile market, which – given even a slight “correction” – could essentially wipe away years of savings.
The good news is that there is a solution to the income dilemma. One way to help you ensure that you not only have an ongoing retirement income but one that could last for the remainder of your life is to purchase an annuity. These products, issued by insurance companies, will typically offer a lifetime income option that guarantees you an incoming cash flow for as long as you need it.
But, before you run out and sign on the dotted line for an annuity, it is important to understand that not all annuities are alike. In addition to that, these products will often come with an insane amount of “fine print”, so while you may think that the product will offer you certain benefits, you may actually need to endure certain fees, charges, and/or tradeoffs in order to get the benefits you had anticipated.
Therefore, because immediate annuities require that you contribute a large amount of money into the account right from the get-go, it is extremely important that you know exactly what it is that you’re getting into, as well as what could happen if you decide that you want to get out of it.
That’s where we come in!
Retirement Income Planning Information You Can Trust
If this is your first visit to our website, please allow us to welcome you here to AnnuityGator.com. We make up a team of experienced financial and annuity pros who are highly focused on offering the most comprehensive, and unbiased, reviews of annuities on the planet. We’ve been doing this for many years now – much longer than our competitors – and so we have become a well-known source of annuity information on the Internet.
With that in mind, if you’ve been looking for more information about annuities online, then it is a good possibility that you have noticed there’s a lot of conflicting information out there about these products. This, however, isn’t really a surprise, because there is also a great deal of confusion about how they work, and which type may be best for certain circumstances.
You may also have attended an annuity seminar or workshop recently where, in return for a free dinner or lunch, you were provided with details about the Nationwide Advisory Solutions Advisory Income single premium immediate annuity, or some other similar financial product.
Attending this seminar may even be the catalyst that has ultimately led you right here to our website. But even though there is literally a plethora of websites that market their annuities to consumers, there are a fair number of these sites that will also attempt to “lure” you in by making very enticing claims like:
- High-income payments
- Lowest annuity fees
- Guaranteed lifetime income
- 7 – 8% Rate of Return
While these claims can be inviting, the truth is that it is absolutely essential that you first make sure that they are actually true. This is particularly the case if you are seriously thinking about moving a large sum of your retirement savings into one of them.
In any case, whatever the reason is that you landed here on our AnnuityGator.com website, you are definitely in the right place if you want to find out more about this – or any – annuity. That’s because we provide all of the details and resources, including not just the good, but also the bad and the ugly. This is really the only way that you will be able to make a truly well-informed buying decision (or alternatively, to make a decision to pass on this particular annuity and move on to something else that may be more suitable for your specific financial goals).
This annuity review is provided here for you in order to help you ensure that you’re moving in the right direction with this (and/or other) annuity and to guide you in what to look for in terms of the pros and the cons.
So, if you are ready to get started, let’s get started!
Nationwide Advisory Income Single Premium Immediate Annuity at a Glance
|Product Name||Advisory Income|
|Type of Product||Single Premium Immediate Annuity|
|Phone Number||(866) 667-0563|
Opening Thoughts on the Nationwide Advisory Solutions Single Premium Immediate Annuity
Acquired in 2017, Nationwide advisory solutions began as Jefferson National Life Insurance Company. Nationwide has been in business for more than 80 years, so the company has endured any and all market conditions. It is known for providing its customers with high-quality financial products, as well as personalized customer service.
Based in Columbus, Ohio, Nationwide is a member of the Fortune 100, and it is considered to be one of the largest and strongest diversified insurance and financial services organizations in the United States.
In fact, Nationwide has been long considered to be strong and stable from a financial standpoint, and the company is highly rated by A.M. Best, Standard & Poor’s, and Moody’s. It has also attained a fair amount of notoriety based in large part on its catchy advertising jingle, “Nationwide is on your side.” That being said, you still need to consider whether or not a particular type of annuity will be right for your specific needs and goals.
Today, with so many employers getting rid of their defined benefit pension plans, it has really become the responsibility of individuals to make sure that they convert their savings over into an income stream – and that the income continues to last throughout the remainder of their lifetime.
An immediate annuity like the Nationwide Advisory Income could fit the bill for solving these issues. However, it is also important to remember that, just like any other financial product, not all annuities are the same. So, it is highly recommended that you take a good, close look at this – or any other annuity that you are considering – before you commit to it.
Before we get into the in-depth details, we have some legal disclosures to present…
This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. The Nationwide 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.
Want to more about how annuities really work? Click here to receive our updated annuity report.
How Nationwide Describes the Advisory Income Single Premium Immediate Annuity
The Nationwide Advisory Solutions is touted as the financial industry’s first single premium immediate annuity (SPIA) that is designed expressly for Registered Investment Advisors (RIAs) and fee-based advisors.
That’s great…but what exactly does that mean to you?
For one thing, this particular annuity can help you to solve a long list of retirement-income-related challenges. For instance, by nature annuities are designed to provide a set amount of income – and the Advisory Income single premium annuity is no different.
In this particular case, the Advisory Income annuity from Nationwide can provide income so that you can cover some or all of your future living expenses in retirement – and you will be able to do so, regardless of what occurs in the market, or even in the economy overall.
In addition, depending on the state you reside in, you may also be able to use this annuity to assist with Medicaid planning, and/or to provide you with inflation protection through the annuity’s optional cost of living adjustment. This allows your annuity income stream to rise over time, in turn, allowing your income to keep pace with inflation.
This particular annuity is open to a wide range of investors, with minimum and maximum initial purchase requirements of between $10,000 and $3 million respectively. And income can begin any time between 30 and 365 days after purchase.
This annuity also gives you some control in terms of ensuring that your spouse, partner, or other individual is also assured of an ongoing income. That’s because there is the option of joint income for either a specific period of time or life, for one or two income recipients.
If you should pass away before receiving all allotted income, the Advisory Income annuity includes a death benefit, whereby a named beneficiary (or beneficiaries) will receive the remaining payments or a lump sum amount that is equal to the value of the remaining income payments.
In addition, if you should need extra cash for an emergency, the annuity also includes a liquidity feature that allows you to take a lump sum, penalty free.
There are a few other “bells and whistles” on this annuity. For more of the in-depth details about the Nationwide Advisory Income SPIA, you can check out the updated product brochure HERE.
How an Insurance or Financial Advisor Might “Pitch” this Annuity
If you’ve been presented the Nationwide Advisory Income Single Premium Immediate Annuity (SPIA) by your current insurance or financial advisor, there are likely a few key items that he or she touched on in order to entice you to purchase it.
First, this product can offer you a guarantee when it comes to income in retirement. This includes providing you with an income stream that will last throughout the remainder of your lifetime, as well as the life of another individual if you so choose. Plus, you have the opportunity to increase the amount of your income over time if you opt for the cost of living adjustment (COLA).
But, while these features could certainly help to ease your worries about running out of income in the future, there are some other areas that you need to also consider prior to plunking down a significant chunk of your hard earned savings.
First and foremost, once this annuity has been converted to income, the decision is non-reversible. This means that you will not be able to dig into your lump sum of cash at will – at least not without having to go through some hoops and abide by the rules of the annuity’s liquidity feature. Given that, it is imperative to keep in mind that the purchase of an annuity is a long-term decision.
What About Any Taxes and Fees with the Nationwide Advisory Income Annuity?
When you’re considering an annuity, it is important to consider both taxes and fees – and these need to be considered based on the type of contributions and income withdrawals that you decide to make.
For instance, if you fund the Advisory Income annuity with money from a traditional IRA or 401(k) plan – with funds that have not yet been taxed – then be prepared to pay tax on 100% of your withdrawals.
Today, while income tax rates are still near historical lows, Uncle Sam’s cut of your money can still be significant…and if – or better yet, when – taxes rise in the future, you could end up handing over 50% or more of your income to your “favorite” uncle.
Also, if you use the annuity’s liquidity feature that is offered on this annuity, and you make any withdrawals due to an emergency, $50 will be deducted from the remaining liquidity value or the lump sum withdrawal (unless you live in New York, where $100 will be deducted).
The Annuity Gator’s End Take on the Nationwide Advisory Income Single Premium Immediate Annuity
Although an immediate annuity might not be right for everyone, the Nationwide Advisory Income Single Premium Immediate Annuity (SPIA) could be a good option for you if you are seeking the following benefits:
- A reliable income stream right away (or one that starts within 12 months after purchasing the annuity)
- A place to move funds from an IRA, 401(k), or another type of retirement plan so that you can convert it from a lump sum of savings into income
- A solution to the worry about running out of income in retirement
Where it works the worst:
However, even though the Single Premium Immediate Annuity from Nationwide Advisory offers some nice benefits, this particular annuity may not be for you if you:
- Feel that you may need some (or all) of your funds for other requirements and/or emergencies
- Do not plan to use the annuity for income
If you’ve been considering the purchase of an immediate annuity, but you are still unsure about moving forward because you just don’t know if this is the right financial vehicle for you, then it is imperative that you further your understanding of this product, and that you get all of your questions answered. We can assist you with any of the questions or concerns that you may have. Please feel free to reach out to us directly via our secure online contact form here.
With regard to this particular annuity, the good news is that you (as well as another individual, if applicable) can be assured that you will have income for as long as you need it, based upon the income payout option that you choose.
Even so, though, the only way to really know whether or not this annuity will work well for you and your situation is to have it tested. We can perform this testing for you, using our annuity calculator, and we will provide you the results at no charge or obligation. If you are interested in this information, just simply let us know here through our secure online contact form.
Do You Have Any Other Questions? Did You Happen to Notice Any Mistakes in this Review?
The Nationwide Advisory Income annuity is a relative newcomer to the marketplace. So, if you notice that we have not covered all that you want to know – or if you still have any additional questions – please feel free to reach out to us directly. We can be reached at (888) 440-2468.
We also understand just how fast financial and insurance product information can – and does – change. So, if you did happen to notice any information in this annuity review that was out of date or needs updating, please let us know that, too, so that we can get it revised as soon as possible.
Are there any other annuities that you would like to also see reviewed?
If you have been shopping for annuities, it is possible that you’ve been presented with several different options. So, if you’ve come across any other annuities that are not included in our review database, please let us know that too so that we can do our research and analysis and add it to our site.
The Annuity Gator
P.S If you would like to read more of our Nationwide annuity reviews here are some links to check out:
- Nationwide Destination C Variable Annuity
- Nationwide New Heights 12 Annuity
- Nationwide Summit Fixed Indexed Annuity
- Nationwide New Heights 9 Fixed Indexed Annuity
- Nationwide Life Destination Architect 2.0 Variable Annuity
- Nationwide Life MarketFlex Advisor Variable Annuity
- Nationwide Best of America Future Venue Variable Annuity