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Please note this content is not approved for use in NY. MyPath Journey is not available for sale in NY.

MyPath™ Journey Lifetime Income

Income later for those further out from retirement

MyPath Journey is for clients further out from retirement, perhaps a decade or so. With opportunity for a Reset in years of strong market performance, combined with an accelerating Enhancement Rate of 5% to 10% to 15% over 12 years, this guaranteed lifetime withdrawal benefit is intended for clients building a guaranteed stream of retirement income for the future.

Why choose MyPath Journey?

Protection

Protect your clients retirement income from market declines, and know it is guaranteed for life.

Growth

When your clients delay their MyPath Journey withdrawals, they can get a powerful boost to their guaranteed retirement income. The longer your clients delay taking their income, the more powerful the boost.

Sustainability

Guaranteed income with flexibility and control over how and when your clients take withdrawals.

Protection

Protect your clients’ future from rising costs, investment risks

By adding MyPath Journey to your clients MultiOption variable annuity, they gain the security of knowing their future retirement income is protected, even in declining markets.

Your clients’ Guaranteed Annual Income (GAI) will never decrease solely because of a down market. They can continue to receive their GAI withdrawals, regardless of their annuity value — even if it falls to zero. 

Guaranteed annual income every year for life regardless of market performance

This is a hypothetical example for illustrative purposes only and is not intended to predict or project investment results. Withdrawals may be subject to a deferred sales charge, and withdrawals before age 59½ may be subject to IRS penalties in addition to income tax.

Your clients' GAI is not protected if an excess withdrawal is taken that causes the contract value to fall to zero.

If you select the Joint 50 option, there is a 50% reduction in guaranteed annual income upon first death or divorce.

Growth

It pays to wait: Get 5, 10 or 15% growth annually

Accumulating enough assets for retirement years can be challenging enough. Clients also need to make sure their income has the potential to grow and keep up with the lifestyle that they envision for themselves in retirement. MyPath Journey provides several ways to increase your clients’ Benefit Base. As their Benefit Base grows, so does their GAI. They can even grow their income when markets are down or flat.

When clients delay their MyPath Journey withdrawals, they can get a powerful boost to their guaranteed retirement income. Through the Benefit Base Enhancement – which grows the Benefit Base in any year clients haven’t taken a withdrawal – the rate of guaranteed growth “accelerates” from 5% to 10% to 15% over the 12-year Enhancement Period according to this schedule.

Enhancement Rate Contract Anniversary
5% 1-4
10% 5-8
15% 9-12

Other ways to grow your clients’ income:

Lock in gains automatically with a Reset
  • MyPath Journey offers a Benefit Base Reset during periods of strong market conditions. When the investment grows, so does clients’ retirement income.
Investment options that grow your clients’ income
  • MyPath Journey offers investment choices that help clients’ annuity grow over time. Managed Volatility Portfolios (MVPs) are designed to minimize the effect of extreme swings in the investment markets, while providing consistent long-term growth.

Sustainability

Sustainable income with flexibility

With MyPath Journey, clients can start taking their GAI withdrawals once they reach their Benefit Date. Clients have the flexibility to select from Single, Joint or Joint 50 options – allowing them to choose the income guarantees that are important to them and their family.

Annual income percentage

Annual Income Percentage
Benefit Base x Annual Income Percentage = Guaranteed Annual Income

*When compared to the Single or Joint life options, the initial guaranteed annual income will typically be higher under the Joint 50 option. However, there is a 50% reduction in guaranteed annual income upon first death or divorce.

MyPath is RMD friendly

With MyPath, clients can receive the greater of their GAI or any required minimum distributions (RMDs) for the contract each year, guaranteed for life!

If your clients withdraw the RMDs for two calendar years in one contract year, any amount in excess of the GAI or current calendar year RMD (whichever is greater) will be treated as an excess withdrawal. Excess withdrawals include any withdrawal prior to the Benefit Date as well as any amount withdrawn in a contract year that exceeds the GAI for that year. Excess withdrawal amounts will reduce the Benefit Base and Enhancement Base (as defined in the supplemental rate sheet) proportionately based on the ratio of the excess amount withdrawn to contract value. The GAI is recalculated. In down markets, this can have a larger negative impact than dollar-for-dollar withdrawals.

Benefit details

Benefit description

Guarantees lifetime income via withdrawals beginning at the Benefit Date

Annual cost1

  • 1.50% Single (2.25% max)
  • 1.50% Joint (2.25% max)
  • 1.50% Joint 50 (2.25% max)

Age requirements

45-80

Availability

  • Available with MultiOption Extra, Guide B Series and Advantage variable annuity contracts at issue (excluding Beneficial or Decedent IRA accounts).
  • Single life – Not available on jointly owned contracts.
  • Joint life – Available only to spouses, benefits based on age of youngest. Not available to non-natural owners.
  • Not offered with other optional living or death benefits.
  • May not be available in all states and availability is subject to change.

Asset allocation plan required

Select Managed Volatility Portfolios

Benefit Date

Later of contract anniversary following the 59th birthday or contract issue.

Benefit Base

Used in determining the Guaranteed Annual Income (GAI). Begins equal to initial purchase payment. Increased by additional purchase payments until the later of 1st contract anniversary or 1st withdrawal. After 1st year, cumulative purchase payments in excess of $25,000 require prior consent. Decreased by excess withdrawals as defined later.

Benefit Base Reset

  • Annual Reset (when contract value is higher than current Benefit Base following any Enhancement).
  • Benefit charge may increase at Reset. If clients decline cost increase, they will no longer be eligible for future Benefit Base increases.

Benefit Base Enhancement1

Determined on contract anniversary as a percentage of Enhancement Base:

Enhancement Rate Contract Anniversary
5% 1-4
10% 5-8
15% 9-12
  • During the Enhancement Period, increases the Benefit Base at contract anniversary in years of no withdrawal activity.

  • Calculated by multiplying Enhancement Rate (%) by Enhancement Base. If a Reset results in a larger increase than the Enhancement, Benefit Base increased by the Reset, not both.

Enhancement period1

12 years following contract issue.

Enhancement Base

Used in determining Benefit Base Enhancement. Begins equal to initial purchase payment. Increased by additional purchase payments made in 1st contract year, or if later, prior to 1st withdrawal. After 1st year, cumulative purchase payments in excess of $25,000 require prior consent. Decreased by excess withdrawals as defined below. Not impacted by Benefit Base Reset.

Guaranteed Annual Income (GAI)

  • Amount of income that can be withdrawn every contract year for life beginning on the Benefit Date.
  • Equal to the Benefit Base multiplied by Annual Income Percentage (set at the time of first withdrawal).
    • Under the Joint 50 option, also multiplied by the Continuation Factor beginning on the Continuation Date.
  • GAI will increase upon Benefit Base increases (due to Reset, Enhancement, or eligible purchase payments, where applicable).
  • GAI will only decrease due to an excess withdrawal as defined below, or, in the case of the Joint 50 option, on the Continuation Date.

Annual Income Percentage (%)1

  • % set at time of first withdrawal.
Ages Single Joint Joint 50
60-64 3.60% 3.00% 3.75%2
65-74 4.60% 4.00% 4.75%2
75-79 4.75% 4.25% 5.00%2
80+ 4.90% 4.40% 5.15%2

Continuation Date (Joint 50 option only)

Contract Anniversary following the first date we receive notification of:

  • Death of a Designated Life
  • Request to remove Designated Life in the event of divorce

Continuation Factor (Joint 50 option only)

50%. Applied in calculating the GAI on the Continuation Date.

Impact of withdrawals

After the Benefit Date, withdrawals for the contract year less than or equal to the GAI or RMD do not reduce the GAI, Benefit Base or Enhancement Base (if applicable).

Excess withdrawal amounts:

  • Before the Benefit Date, any withdrawal reduces the Benefit Base and Enhancement Base (if applicable) proportionately based on ratio of total amount withdrawn to contract value. GAI is recalculated.
  • After the Benefit Date, if total amount withdrawn in a contract year is in excess of GAI or RMD, then amount in excess will reduce Benefit Base and Enhancement Base (if applicable) proportionately based on ratio of excess portion to contract value. GAI is recalculated.

Automatic Payout Phase (APP)

Unless due to an excess withdrawal, begins when contract value reaches zero. Will then pay GAI until death (if Joint, the death of both Designated Lives. Under the Joint 50 option, the GAI will reduce by the 50% Continuation Factor upon first death. If APP occurs prior to the Continuation Date, but after notification of first death or divorce, the GAI will be reduced immediately by the 50% Continuation Factor). All other contract features, benefits and guarantees are terminated.

Spousal continuance

Single life

  • MyPath optional benefits terminate upon death. A spouse beneficiary may assume the contract. Contract value is adjusted to the Guaranteed Minimum Death Benefit (GMDB) if greater.

Joint life

  • Upon first death (if single ownership contract, must be death of contract owner), contract value is adjusted to the GMDB value if greater. Spouse beneficiary, if also the Joint Designated Life, may continue the contract and optional benefits.
  • If first death on a single ownership contract is a non-owner, contract and optional benefits continue as established. A new beneficiary may be named but will not be considered a new Joint Designated Life.
  • Upon death of the remaining Designated Life, contract value is adjusted to the GMDB if greater. Optional benefits terminate.

Benefit termination

  • May not be cancelled.
  • Change of ownership, death of a Designated Life (or remaining Designated Life if joint), surrender or full annuitization terminates the benefit.
  • Any excess withdrawal resulting in contract value falling to zero is considered a contract surrender and benefit terminates.

1. All rates effective as of May 1, 2022 and subject to change at any time.

2. Upon first death or divorce, the 50% Continuation Factor is applied when determining the new reduced Guaranteed Annual Income.

Rates are subject to change at any time. 

Customers should consider all of their assets, income and investments when considering an asset allocation model or strategy.

MyPath joint benefit options are not beneficial to the joint designated life unless he or she is recognized as a spouse under federal law. Clients should consult their tax advisor prior to purchasing a MyPath joint benefit if they have questions about their spouse’s status under federal law.

Next steps

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Get access to these and other tools on our secured website for financial professionals.

An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to nonqualified distributions. Please consult a tax advisor for specific information. There are charges and expenses associated with annuities, such as surrender charges (deferred sales charges) for early withdrawals. Variable annuities have additional expenses such as mortality and expense risk, administrative charge, investment management fees and rider fees. Variable sub-accounts of annuities are subject to market fluctuation, investment risk and loss of principal.

MultiOption annuities and MyPath optional lifetime income benefits may not be approved in all states and product features may vary by state. We reserve the right to limit or discontinue acceptance of future purchase payments after the contract is issued. This may limit the ability to increase the contract value through additional purchase payments. If an optional benefit is elected in the contract, this may also limit the ability to increase the value used to calculate the optional benefit.

The MyPath suite of optional lifetime income benefits establish a Benefit Base for calculating guaranteed annual income. The Benefit Base provides no minimum contract value or investment return and is not available for withdrawal. Withdrawals exceeding allowed guidelines, or taken before the Benefit Date, may have a negative impact on the guarantees of these optional living benefits. All withdrawals reduce the Contract Value. These benefits cannot be cancelled and require use of an approved asset allocation strategy. The guarantees are subject to the financial strength and claims-paying ability of Minnesota Life. The guarantees have no bearing on performance of the variable investment options. These benefits are available on a single or joint life basis for an additional cost with a variable annuity and are based on state approval. Certain MyPath Benefits may be selected on a Plus or Joint 50 basis. These options may provide a greater initial stream of annual income with a reduction in annual income upon occurrence of certain specified events.

MyPath joint benefit options are not beneficial to the joint designated life unless he or she is recognized as a spouse under federal law. Consult with your tax advisor prior to purchasing a MyPath joint benefit if you have questions about your spouse’s status under federal law.

Some products and features may not be available in all states and features may vary by state. Not all products, features and optional benefits are available from all firms. Please consult with your firm before providing any products/services or materials listed here.

Variable annuities are sold by prospectus. Your clients should consider the investment objectives, risks, charges and expenses of a portfolio and the variable insurance product carefully before investing. The portfolio and variable insurance product prospectuses contain this and other information. Please read the prospectus carefully before investing.

The information presented above is solely intended for use by financial professionals. Such information is not intended for public consumption or dissemination.

A purpose of the method of marketing is solicitation of insurance and that contact will be made by an insurance agent or agency.

Policy form numbers: 11-70203, ICC11-70203, 12-70232, ICC12-70232, 17-70341, ICC17-70341, 20-70595, ICC20-70595, 20-70596, ICC20-70596, 20-70597, ICC20-70597

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.

DOFU 12-2022

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