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Display guaranteed minimum income benefit and a guaranteed Minimum Withdrawal Benefit (GMWB) on an Asset-Map and Target-Map.

(This can also apply to a required minimum distribution - RMD.)

This is a two-step process: (1) add an asset to the Asset-Map, (2) then add an income, too!

  1. Create an asset (select "Add Asset" from the toggle menu) showing the current value of the benefit.

2. Create an income (select "Add Income" from the toggle menu) showing the annual amount of the income expected at a future age/date.

Here's how it looks:

Here's how it looks on a Target-Map's, "What you have" tab. You'll notice the income in the Cash-flow Sources Available area, and the asset financial is in the Assets Available area.

Take care not to double-dip by selecting both sources (checking both boxes) because the Target-Map does not automatically subtract the cash distributed from the Asset.

By checking the Asset's box in the Assets Available section, you are telling Target-Map that to help fund the need you're applying the asset's dollar value. If you include the distributed cash flow from the same item to help fund the need as well, you are counting twice.


Tags: annuity, annuities, GMIB, GWMB, RMD


1/2021

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