RiverSource annuities have guarantees that are fully backed by the RiverSource Life Insurance Company, as stated on the company's website. Benefits include flexible choices for investments and savings through variable, fixed or income annuities.Continue Reading
RiverSource offers options to save money during working years and increase income for retirement. With low initial opening payments of $1,000, the annuities keep up with inflation and health care costs, as indicated by RiverSource. For the variable annuities, there is a portfolio stabilizer investment option that adapts to market volatility. This diversified portfolio is managed for risk with daily reviews to adjust for changing markets.
As for fixed annuities, RiverSource provides guarantees on principal and returns, according to the company. While there is an 8 percent withdrawal charge in the first year, there is no penalty by the sixth year for the Quantum Select annuity. It offers a flexible premium payment but a fixed rate on returns. Minimum interest rates are based on initial payments, and RiverSource provides a rate schedule for guarantees online.
The Secure Provider income annuity is beneficial for retirement stability. It is similar to a pension, but it fills anticipated income gaps. By offering tailored choices, the payout options meet income needs during retirement, notes RiverSource.Learn more about Financial Planning