Nationwide New Heights Select 8
Nationwide has released a new annuity product for retirees to maximize their savings and have a comfortable retirement in the future. The New Heights Select 8 is an 8-year deferred fixed indexed annuity with features that many will appreciate.
In this Nationwide New Heights Select 8 review, we explore the annuity’s advantages and drawbacks and talk about what features can help grow your assets in an 8-year time.
Keep reading to find out whether this investment is worth your money!
About Nationwide
Nationwide didn’t originally begin as an annuity provider. Founded in 1925 as Farm Bureau Mutual, the company focused on small auto insurance packages. As it grew, the company expanded into property insurance, and a decade later, after acquiring the Life Insurance Company of America, it began offering life policies to farmers and union members.
With its expanding services, Farm Bureau Mutual rebranded to Nationwide, becoming a trusted name in various insurance policies. Today, Nationwide holds about 1.41% of the U.S. market, establishing itself as a reliable annuity provider you can count on.
Nationwide Rating
Rating Company
Rating
Moody’s
A1 (High Quality, Low Risk)
S & P
A.M. Best Rating
A+ (Strong)
A+ (Strong)
DBRS Morningstar
A (High)
Nationwide New Heights Select 8 Highlights
-
8-Year Fixed Index Annuity
The Nationwide New Heights Select 8 annuity is an 8-year fixed indexed annuity. -
Growth Opportunities
As an annuity owner, you get to choose an index or a combination of them and grow your investment in value based on the positive performance of your indexes. You can track the progress and growth on a daily basis with the Daily Accumulation Value (DAV) feature.
Additionally, with Nationwide New Heights Select 8, you can request to lock in the value of your strategy option if you are satisfied with its performance. The feature is available once per term. This way, your earnings will not be lost if your index is performing poorly. -
Spouse Protection
If you would like to ensure financial stability for yourself or your spouse, you can opt for a joint option for the death benefit. Your spouse will be listed as a co-annuitant, and if anything is to happen to either of you, the death benefit will be paid to a surviving spouse. -
Terminal Illness and Injury Waivers
The Nationwide New Heights Select 8 fixed indexed annuity offers crisis waivers after the first year of the contract. The waiver is activated when the annuity holder is in need of long-term care or has a qualifying terminal illness or injury. If this happens, all withdrawals are treated as free withdrawals.
Nationwide New Heights Select 8 Overview
🔔 Important Information
Annuity Term
8 years
Type of Annuity
Fixed Index
Interest
Depends on market conditions and the chosen index options
Premium Type
Single Premium
Maximum Issue Age
80 years
Withdrawal Charge Schedule
9%, 8%, 7%, 6%, 5%, 4%, 3%, 2%, 0%
Minimum Premium
$10,000
Maximum Premium
$2,000,000
Market Value Adjustment
Yes
Types of Funds
Traditional IRA, Roth IRA, Non-Qualified,
Charitable Remainder Trusts (CRT), SEP IRA, Simple IRA, and 401(a)
Nationwide Peak 10 Historical Rate of Return
Fees and Charges
One of the Nationwide New Heights Select 8 benefits is that there are no fees or charges with this annuity. The only penalty you may pay is if you take a more-than-allowed portion of your money from the account. Surrender charges may apply.
Index Options
Nationwide New Heights Select 8 offers 6 different indexes, based on the performance of which you will grow your savings. You can choose either a single index or distribute your money across multiple of them. Here is a short description of each available index option:
The Goldman Sachs New Horizons Index blends global investments with alternative strategies to improve diversification and aims to boost returns by exploring new asset allocation opportunities.
The J.P. Morgan Mozaic II℠ Index identifies the top-performing global asset classes over six months, reallocating to the best nine each month to help reduce volatility and provide steady returns.
The NYSE® Zebra Edge® II Index is based on behavioral finance, and it picks stocks from the 500 largest U.S. companies that appear the most stable. It balances these with bonds and cash to minimize risk and target long-term returns.
The SG Macro Compass Index is a global index that adjusts its investments based on predictions about the economy's future direction, aiming to provide stable growth and diversification, even in changing markets.
The S&P 500® Index is a widely known benchmark of the American economy. It tracks the performance of 500 major U.S. companies and is considered a key indicator of U.S. market trends.
The MSCI EAFE Index focuses on stocks from developed markets outside North America, including Europe, Australasia, and the Far East, providing global diversification opportunities.
Crediting Methods
With Nationwide New Heights Select 8, your contract can be allocated to a maximum of ten strategy options at any time. The annuity offers Balanced Allocation Strategy crediting, which combines an index component, a declared rate component, and a strategy spread component. These components are accumulated to determine your earnings.
Nationwide New Heights Select 8 Surrender Schedule
Nationwide New Heights Select 8 surrender charges are spread across the 8 years of the contract. Here is a breakdown of the surrender schedule:
*The interest rate may vary depending on the state.
Nationwide New Heights Select 8 Key Features
Nationwide New Heights Select 8 advantages include:
Lock-in Feature
- As an annuity holder, you will be able to allocate your contract to a maximum of ten strategy options. For each of them, you can lock the index value before the end of the term.
- The locked value will later be used to calculate the strategy's earnings at the end. This feature is also applied to withdrawals or death benefits.
Daily Accumulation Value (DAV)
- The DAV keeps track of the daily changes in the chosen strategy options and is the higher of either: (1) the contract value plus any strategy earnings that haven't been credited yet or (2) the guaranteed return of the purchase payment amount.
Free Withdrawals
- With the Nationwide New Height Select 8, you can access your money without incurring a penalty. Free withdrawals are not subject to surrender charges or Market Value Adjustments (MVA).
Nationwide New Heights Select 8 Pros and Cons
- No extra charges
- RMD-friendly
- Death benefit and terminal illness waivers available
- Spouse protection
- Free withdrawals
- Low minimum investment (compared to alternative annuity products)
- Lock-in feature
- Long surrender charges
- Single premium without the possibility to add more money later
Company Information
Company Name
Nationwide
Website
https://www.nationwide.com/
Phone Number
1-877-669-6877
A.M. Best Rating
A+ (Excellent)
S&P’s Best Rating
A+ (Strong)
About the Product
Product Name
Nationwide New Heights Select 8
Product Type
Fixed Index Annuity
Product Information
Nationwide New Heights Select 8 is a single-payment fixed indexed annuity offered by Nationwide, a leading insurance company. Despite the 8-year term, the minimum investment is $10,000, a reasonable limit compared to alternative annuity products.
With free withdrawals, a lock-in feature, and DAV, New Heights Select 8 can be a smart choice for many.
Account Types
Traditional IRA, Roth IRA, Non-Qualified,
Charitable Remainder Trusts (CRT), SEP IRA, Simple IRA, and 401(a)
Not Available In
N/A
Annuity Expert
Jeremiah Konger
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Other Nationwide Annuity Products
Besides Nationwide Peak, Nationwide Insurance Company provides a full suite of other annuity products, including:
Assured Edge Income Builder
Assured Edge Income Builder is a fixed annuity from Corebridge Financial, offering guaranteed income and flexibility for retirement planning.
Power 5 Protector
The Power 5 Protector annuity is a fixed-indexed annuity. It allows you to earn interest based on a fixed rate or specific indices in exchange for your premiums.
Power 7 Protector
The Power 7 Protector offers a guaranteed income for life. The annuity also offers growth potential and protects your principal from market losses.
Final Word
The Nationwide New Heights Select 8 annuity combines growth potential with a level of security, making it a solid choice for those looking to balance returns.
It offers flexibility through multiple index options and participation rates, allowing you to tailor your strategy to your financial objectives.
However, it's important to consider the potential drawbacks, such as surrender charges and withdrawal limits, to ensure it aligns with your long-term plans.
Curious if this annuity fits your goals? Take our Annuity Quiz to discover the best option for your financial future!
Annuity Association is the leader in providing Independent Annuity recommendations for protected income, safe growth and other benefits in retirement.
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