Power Select Builder 8
With retirement approaching, you may be considering whether your savings are enough to live comfortably and whether there is a way to maximize your funds. The short answer is yes. Annuities are often a common choice among retirees, but making the right choice may be daunting.
That’s why we took it upon ourselves to review the most popular annuities. Here, you can learn all about Power Select Builder 8 offered by Corebridge Financial, including fees, surrender charges, and features.
About Corebridge Financial
Power Select Builder 8, provided by Corebridge Financial, an affiliate of American International Group (AIG), is a fixed annuity. Established in 1850, the company has built a solid reputation within the insurance sector.
As one of the leading providers of retirement solutions, Corebridge Financial offers a comprehensive range of products and services tailored to the diverse needs of individuals and families. Headquartered in New York, the company is recognized for its exceptional customer service and extensive product portfolio.
Corebridge Financial empowers individuals to pursue financial stability, making it a preferred choice for those seeking annuity options.
Corebridge Financial Rating
Rating Company
Rating
Moody’s
A2
S & P
A+
A.M. Best Rating
A
Comdex
80
Power Select Builder 8 Highlights
-
8-Year Fixed Annuity
The Power Select Builder 8 annuity is an 8-year fixed annuity with MVA, penalty-free withdrawals, and helpful waivers. -
Guaranteed Interest with a 1-Year Fixed Account
The Power Select Builder 8 offers guaranteed interest in exchange for your premium. When you need income, Corebridge ensures regular income payments through annuitization. -
Annual Free Withdrawals
The Power Select Builder 8 annuity allows for penalty-free annual withdrawals without incurring surrender charges or market value adjustments (MVA). You can withdraw up to 10% of the contract value based on the previous contract anniversary. -
Diverse Index Interest Accounts
The Power Select Builder 8 offers an opportunity to benefit from index interest accounts. For example, you can opt for an S&P 500 account with an index rate cap, participation rate, or performance-triggered rate.
Power Select Builder 8 Overview
🔔 Important Information
Annuity Term
8 Years
Type of Annuity
Fixed Index
Interest
10%
Premium Type
Single Premium Annuity
Maximum Issue Age
80 years
Minimum Premium
Maximum Premium
$25,000
$2,000,000
Withdrawal Charge Schedule
10%
RMD / Market Value Adjustment
Yes / Yes
Power Select Builder 8 Historical Rate of Return
The hypothetical historical performance provided herein showcases the annualized return of allocation strategies, representing the investment's annual growth rate considering compounding effects. Similar analyses can be found for each account in official fixed index annuity illustrations provided by insurance carriers.
What's not reflected:
The annualized return does not encompass rider charges, strategy fees, or applicable premium bonuses.
Notes on rates:
The information presented assumes the annuities' current caps, spreads, participation rates, and other related rates, without guarantee.
No guarantees:
These actual elements are subject to change over time, resulting in potentially higher or lower outcomes. Additionally, no single index consistently outperforms in every scenario. It is advisable to consult with a properly licensed and educated annuity professional before making any decisions.
Fees and Charges
The Power Select Builder 8 annuity doesn’t include any charges or fees except for when you withdraw an amount exceeding the penalty-free limit.
Immediate 10% Premium Enhancement
This bonus applies to all premiums paid within the first 30 days of the contract. It is calculated as a percentage of your premium and is automatically allocated to the interest-crediting options you choose.
Protection for Unexpected Life Situations
The Power Select Builder 8 annuity provides built-in protection for unexpected life events, allowing the annuity holder to benefit from free withdrawals under the following circumstances:
- Extended Care: Available after receiving extended care for at least 90 consecutive days after the first year of the contract.
- Terminal Illness: Available if the annuity holder is diagnosed with a terminal illness after the contract date.
- Nursing Home Care: Available if the annuity holder requires care in a nursing home or assisted living facility, in which case withdrawal charges may be waived.
- Death Benefit: If the annuity holder passes away, the death benefit provides financial security to the designated beneficiaries, ensuring they receive the remaining contract value.
Some riders may not be available in all states.
Power Select Builder 8 Surrender Charge Schedule
As with any annuity, Power Select Builder 8 comes with surrender charges that are applied in case you decide to withdraw a higher-than-penalty-free amount. To avoid extra fees, stick to the allowed amount or see how much you expect to pay:
*The interest rate may vary depending on the state.
Power Select Builder 8 Features
The Power Select Builder 8 offers attractive waivers and features, including:
Market Value Adjustment (MVA)
The Power Select Builder 8 annuity includes Market Value Adjustments (MVA), which vary depending on the situation. If the interest rate is higher than the rate when the contract was issued, the MVA will decrease the withdrawal amount. Conversely, if the interest rate decreases, the MVA will increase the withdrawal amount. However, the MVA will never reduce the withdrawal amount below the specified minimum value.
The MVA does not apply to death benefits, permitted RMDs, 10% penalty-free withdrawals, or annuitization.
Annuitization
The Power Select Builder 8 annuity provides lifetime income through annuitization at no additional cost or via a feature called a Guaranteed Living Benefit (GLB) rider for an annual fee.
Your premiums can be annuitized, meaning converted into a series of payments. During this process, withdrawal charges and Market Value Adjustments (MVA) are not applied.
If you choose annuitization, the GLB and the associated lifetime income withdrawals will be canceled.
Power Select Builder 8 Pros and Cons
- RMD-friendly
- Crisis waivers available
- Annuitization option available
- Flexible withdrawals
- Guaranteed Interest with a 1-Year Fixed Account
- High minimum investment ($25,000)
- 8-year surrender charge
- Possible market value adjustments on withdrawals
Company Information
Company Name
Corebridge Financial
Website
Phone Number
800-448- 2542
A.M. Best Rating
A (excellent)
Moody’s Best Rating
A2 (sixth-highest)
S&P’s Best Rating
A+ (middle of the investment grade)
About the Product
Product Name
Power Select Builder 8
Product Type
Fixed Index Annuity
Product Information
Power Select Builder 8 is a fixed index annuity offered by Corebridge Financial. It is designed to provide financial stability and growth potential for retirees.
The annuity allows for interest earnings based on specific indices or a fixed rate and offers a premium enhancement for payments made within the first 30 days.
Account Types
Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, Stretch IRA, Inherited IRA, NQ Stretch, and TSP
Not Available In
n/a
Annuity Expert
Jeremiah Konger
PS - Here's 3 ways we can help you learn more about annuities.
1. Watch Videos on How to Identify The Highest Paying Protected Income & Growth Annuities.
2. Watch Videos That Reveal What to Look For When Buying A Protected Growth Annuity.
3. Click Here To Access Our Annuity Review Vault To Compare The Pro's and Con's of Dozens of Annuities.
Other Corebridge Financial Annuity Products
Corebridge Financial offers other annuities besides the Power Select Builder 8 that you might find profitable. You can explore both fixed and indexed annuities that may be a better fit for you.
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.
Key Takeaways
Power Select Builder 8 is a fixed index annuity with an 8-year term that offers a reliable income stream and the potential for growth. Combining financial security with opportunities for interest earnings, this annuity provides retirees with both stability and the potential for enhanced returns, delivering the peace of mind and financial confidence many seek in retirement.
If you are unsure whether Power Select Builder 8 is what you need, take our Annuity Quiz to explore more annuity products.
Annuity Association is the leader in providing Independent Annuity recommendations for protected income, safe growth and other benefits in retirement.
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