Target market

Nationwide Platinum V New York is for clients who want to know their money will experience guaranteed interest rate increases for a specified period of time.

Product details

• Maximum issue age: There is no maximum issue age for contract owner. The maximum annuitant age is 85.
• Plan types: Nonqualified, IRA, Roth IRA
• Minimum initial investment: $5,000 single purchase payment; $2,000 for IRAs
• Contingent Deferred Sales Charge (CDSC):
  • 10 year with a 60 day CDSC-free window in year 6
  • 6-6-6-6-6-5-4-3-2-1-0%
• CDSC-free withdrawals:
  • 10% of contract value annually immediately available (noncumulative, minimum of $100)
  • Contract annuitized after 2 years
  • IRA RMD
  • During the first 60 days of the 6th contract year

Key features

• Initial interest rate guarantee period is 5 years: base interest rate in year 1 increases by 0.15% in years 2 - 5 (cumulative); second interest rate guarantee period is 5 years: base interest rate in year 6 increases by 0.15% in years 7 - 10 (cumulative)
• 60-day window during the first 60 days of year 6 when the client can keep the money in the contract for the renewal or withdraw it CDSC-free (Withdrawals will be subject to ordinary income tax and distributions prior to age 59½ may be subject to a 10% early withdrawal federal tax penalty.)

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