RAVA Apex® variable annuity
You've worked hard throughout your lifetime to prepare for a comfortable retirement. Through each stage — from building your nest egg to enjoying your retirement — you'll want and need income and the growth potential to help ensure the retirement you envision. RiverSource offers a range of annuity solutions that can help you grow your money, live more confidently in retirement and share your wealth with the people and causes you care about.
Variable annuities are long-term investment vehicles designed to help you position yourself for a more confident retirement. For further information, please read the prospectus (PDF).
Overview
Getting started
Minimum initial payment:1 Qualified - $5,000; Non-qualified - $10,000
Minimum additional payments: $50
Maximum issue age: 90
If annuity is part of an employer-sponsored plan, the minimum payment is $1,000 for lump sum, or $25 per payment (only allowed with group bill).
Withdrawals
Surrender charges (based on each premium payment)
| Completed year | 10-year charge | 7-year charge | 5-year charge |
|---|---|---|---|
| 1 | 8% | 7% | 7% |
| 2 | 8% | 7% | 7% |
| 3 | 7% | 6% | 6% |
| 4 | 6% | 5% | 6% |
| 5 | 5% | 4% | 5% |
| 6 | 4% | 2% | 0% |
| 7 | 3% | 0% | 0% |
| 8 | 2% | 0% | 0% |
| 9 | 1% | 0% | 0% |
| 10+ | 0% | 0% | 0% |
For Inherited IRAs: the 10-year surrender charge schedule is not available.
Access to withdrawals
Cumulative earnings or 10% of the prior anniversary contract value can be annually withdrawn without charge
Surrender charge waivers
Nursing home confinement
To qualify:
- Owner and joint owner must be confined to a qualified facility for 60 consecutive days
- Owner and joint owner must be under 76 at contract issue
Terminal illness
To qualify:
- Diagnosis must occur after first contract anniversary
- No maximum issue age
Owner and joint owner are covered on both waivers. Waiver availability varies by state. Check your product prospectus for more information.
Systematic withdrawals
- $50 monthly minimum
Investment features and options
Special Dollar Cost Averaging fixed account (SDCA)
- 6 and 12 month DCA
- No minimum
1 The maximum purchase payment for ages up to 85 is $1,000,000 and for ages 86 to 90 is $100,000 (based on your age when the payment is received). These limits apply to the total purchase payments for all RiverSource annuities owned by the same individual. Purchase payments exceeding these limits require prior approval. RiverSource reserves the right to limit certain annuity features (for example, investment options) if prior approval is required.
Performance
Current applicable charges deducted from performance include a 1.05% Mortality and Expense (M & E) fee and administrative charge, if applicable, $50 contract administrative charge and 7.00% declining surrender charge for purchase payments less than 7 years old. The fees you are paying may be different. Refer to your contract for details. Premium taxes, where applicable, are not reflected in these total returns. If they had been included, the returns would be lower. The contract form numbers for this product are ICC21 117101 and 117101.
Performance report
Performance report (PDF)| Average Annual Total Returns(%) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Since Commencement of the Subaccount | Since Commencement of the Fund | ||||||||||||||
| Subaccount | Category | Fund & Subacct. Incept. Date |
1 Mon |
3 Mon |
YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr |
Since Incep* |
1 Yr | 3 Yr | 5 Yr | 10 Yr |
Since Incep* |
*If subaccount or fund is less than 1 year old, the reported returns are cumulative, not annualized.
Performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown.
We show actual performance from the date the subaccounts began investing in the funds. We also show performance from the commencement date of the funds as if the annuity existed at that time, which it did not.
Subaccount inception date is the date on which a price level (based on various benefits and fees) is first offered in any product. If that same price level is later added to another product, we continue to use the original inception date. In one product, there can be multiple price levels invested in the same underlying fund.
A fund underlying your contract in which a subaccount invests may have a name, portfolio manager, objective, strategies and characteristics that are the same or substantially similar to those of a publicly-traded retail mutual fund. Despite these similarities, an underlying fund is not the same as any publicly-traded retail mutual fund. Each underlying fund will have its own unique portfolio holdings, fees, operating expenses and operating results. The results of each underlying fund may differ significantly from any publicly-traded retail mutual fund.
Variable annuities are insurance products that are complex, long-term investment vehicles that are subject to market risk, including the potential loss of principal invested.
You should consider the investment objectives, risks, charges and expenses of the variable annuity and its underlying investment options carefully before investing. For a free copy of the annuity's prospectus and underlying investment's prospectus, which contains this and other information about variable annuities, call 1 (800) 333-3437. Read the prospectus carefully before you invest.
RiverSource Life Insurance Company offers several different annuities which your investment professional may be authorized to offer you. Each annuity has different features and benefits that may be appropriate for you based on your financial situation and needs, your risk tolerance, your age and how you intend to use the annuity. The different features and benefits may include the investment options, fund managers, interest rate amounts, guarantees, bonus crediting, surrender charge schedules, optional riders and access to annuity account values. The fees and charges may also be different among the annuity contracts we offer. Keep in mind that all guarantees are based on the continued claims paying ability of the issuing company and on variable annuities do not apply to the performance of the variable subaccounts, which will vary with market conditions.
Cash Management
An investment in the Cash Management fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The 7-day yields shown reflect more closely the earnings of the fund than the total return numbers. Short-term yields may be higher or lower than the figures shown. Contact your advisor or call 1(800) 862-7919 for the most current yield.
U.S. Equities
Mid Cap: Stocks of medium sized companies involve greater risks and volatility than stocks in larger, more established companies. Small-Cap: Stocks of small-sized companies are more volatile and less liquid than the stocks of larger companies. Small company securities involve special risks such as relatively small revenues, limited product lines, and small market shares.
International Stock
International investment involves increased risk and volatility due to potential political and economic instability, currency fluctuations, and differences in financial reporting and accounting standards and oversight. Risks are particularly significant in emerging markets.
Bonds
There are risks associated with an investment in a bond fund, including credit risk, interest rate risk, prepayment risk, and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is more pronounced for longer-term securities.
Non-investment grade bonds, commonly called "high-yield" or "junk" bonds, have more volatile prices and carry more risk to principal and income than investment grade securities.
Specialty
Funds whose investments are concentrated in a specific industry, sector, or geographic area may be subject to a higher degree of market risk than funds whose investments are diversified.
Commodities
While commodities carry risk levels comparable to equities, their prices can be impacted by a wide range of forces including; demographic and technological change, weather, geopolitical events, etc. These factors may lead uncertainly in the marketplace, causing individual commodity prices to move sharply higher or lower. This potential for increased volatility may not make this investment suitable for all investors.
Real Estate
Real estate investments are a narrowly focused sector investment and may exhibit higher volatility than investments with broader investment objectives. An investment in real estate is subject to the same risks as a direct investment in real estate. Such risks include market risk, economic risk and mortgage rate risk.
Pyramis® Trademark
Pyramis® is a registered service mark of FMR LLC. Used Under License.
S&P Trademark
Standard & Poor's®, S&P, S&P 500® and Standard & Poor's 500® are trademarks of The McGraw-Hill Companies, Inc. These trademarks have been licensed for use by Ameriprise Financial Services, Inc. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's or any of its subsidiaries or affiliates (the Licensors) and the Licensors make no representation regarding the advisability of investing in the Fund.
Daily Unit Values
The unit values shown below are after deduction of the annuity's mortality & expense (M&E) fee, which includes the standard death benefit. The M&E fee is 1.05% for contracts with a 7-year surrender charge.
Daily unit value report
| Subaccount | Category | Unit Value | Daily Change | Daily % Change | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown.
You should consider the investment objectives, risks, charges and expenses of the variable annuity and its underlying investment options carefully before investing. For a free copy of the annuity's prospectus and underlying investment's prospectus, which contains this and other information about variable annuities, call 1 (800) 333-3437. Read the prospectus carefully before you invest.
Fees & Charges
| Total Mortality & Expense (M&E) fee | |||
|---|---|---|---|
| Issue Age | With Standard Death Benefit | With Contract Value Only1 | |
| 10-year M&E | 80 or younger | 0.95% | 0.75% |
| 81+ | 1.30% | ||
| 7-year M&E | 80 or younger | 1.05% | 0.85% |
| 81+ | 1.40% | ||
| 5-year M&E | 80 or younger | 1.15% | 0.95% |
| 81+ | 1.50% | ||
1 Available with nonqualified contracts only.
The M&E benefit will be 0.10% lower for contracts with $1 million or more (determined when purchase payments are received in one year and each contract quarter).
Optional death benefit fees
Fee added to M&E fee
-
Maximum Five Year Anniversary Value (MAV5) death benefit
-
0.10%
-
Maximum Anniversary Value (MAV) death benefit
-
0.25%
Annual charge
-
Benefit Protector® Death Benefit (BP)
-
0.25%
-
Enhanced Legacy® Benefit
-
1.00%
Contract charge
-
Annual charge2
-
$50
2 Waived for contracts $50,000 and over; not waived at full surrender.
Investing Solutions
RiverSource offers two categories of investing solutions for your variable annuity.
Individual funds
Dozens of expertly selected individual funds offer the opportunity to build a customized portfolio from a variety of investment types including equity funds, fixed income funds and sector and alternative funds.
Asset allocation funds
Asset allocation and risk managed funds are "funds of funds" that are broadly diversified across asset classes, market sectors and holdings. These funds are designed to provide growth while addressing market risk and volatility.
Diversification does not assure a profit or protect against a loss.
Optional Benefit
Optional death benefit
Share your legacy with the people and causes you care about with a selection of death benefit options that can help protect your investment for your beneficiaries and even increase what you leave behind. Optional death benefits are available for an additional fee and must be chosen at the time you open an annuity.
Talk to an advisor
Talk to an Ameriprise advisor to discuss how RiverSource solutions can help you. Don’t have an advisor? Find one who is right for you now.
Talk with your Ameriprise financial advisor today to learn more about how RiverSource annuities can help you reach your retirement goals. Or, call our Ameriprise Advisor Center at 800-257-8740 8 a.m. to 5 p.m. Central time Monday through Friday.
The guarantees offered by RiverSource® annuities are backed by the strength and soundness of RiverSource Life Insurance Company and, in New York, RiverSource Life Insurance Co. of New York, and are subject to their claims-paying ability. These guarantees do not apply to the investments in the annuity, which will vary with market conditions.
View important information about annuities, including how to request a variable annuity prospectus