Fidelity Investments® Expands Retirement Income Platform to Include USAA Single Premium Immediate Annuity

Fidelity Launches Relationship with USAA Life Insurance Company to Offer Consumers Highly Competitive Retirement Income Planning Products

BOSTON--()--Fidelity Investments®, one of the most diversified financial services firms and the industry’s retirement planning leader1, today announced the addition of the USAA Single Premium Immediate Annuity (SPIA) to The Fidelity Insurance Network®. The first USAA annuity to be offered on Fidelity's platform, the USAA SPIA enables individuals to convert a lump sum into guaranteed2 income for life or a predetermined set period of time.

“Annuities can be an important option for building a well-diversified portfolio, by helping people to generate guaranteed retirement income and protect their assets,” said Bill Johnson, president of Fidelity Investments Life Insurance. “We are pleased to launch this new annuity offering with USAA, one of the leading insurance and annuity providers in the country.”

The USAA SPIA can help provide peace of mind during retirement years, knowing that a guaranteed stream of income is available. Additionally, the product:

  • Offers customers the ability to customize an annuity to protect beneficiaries.
  • Has a lifetime income option that increases payments up to 3% each year to help address the steadily rising cost of living.
  • Provides a one-time withdrawal feature to help address certain financial emergencies.

“USAA Life Insurance Company is pleased to complement our existing annuity offerings with this new option through Fidelity Investments, making the financial strength and security of our company available to more retirees,” said Bill White, vice president and general manager, retirement products at USAA.

“Both companies are well aligned with regard to providing high quality financial planning and advice, as well as recognizing the importance of offering quality annuity solutions as part of an overall retirement plan,” added White.

Although this is the first USAA annuity to be offered by Fidelity Investments, the Fidelity Insurance Network® also makes available a broad variety of annuity products designed to help people increase savings, protect savings, or guarantee income for life. Fidelity has offered simpler, high value annuity products for more than 30 years. The product offering includes fixed and variable annuities to enhance and protect savings as well as provide immediate and future income.

To learn more about how the USAA SPIA is a competitive addition to Fidelity’s lifetime income offerings or how annuities can fit into your overall financial plan, visit www.fidelity.com/annuities/overview or speak with a Fidelity annuity specialist at 800-345-1388.

About Fidelity Investments

Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $7.8 trillion, including managed assets of $2.8 trillion as of September 30, 2019, we focus on meeting the unique needs of a diverse set of customers: helping more than 30 million people invest their own life savings, 22,000 businesses manage employee benefit programs, as well as providing more than 13,500 financial advisory firms with investment and technology solutions to invest their own clients’ money. Privately held for more than 70 years, Fidelity employs more than 40,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit www.fidelity.com/about.

Single Premium Immediate Annuity (SPIA): Forms ICC18992233P 08-19; 3PD99324CA 08-19; 3PD99325FL 08-19; 3PD99326ST 08-19 (SPIA form varies by state).

This information is intended to be educational and is not tailored to the investment needs of any specific investor.

Withdrawals of taxable amounts from an annuity are subject to ordinary income tax and, if taken before age 59½, may be subject to a 10% IRS penalty. Surrender charges may also apply.

Fidelity Investments and Fidelity are registered service marks of FMR LLC.

Life insurance and annuities provided by USAA Life Insurance Company, San Antonio, TX and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. All insurance products are subject to state availability, issue limitations and contractual terms and conditions. Each company has sole financial responsibility for its own products.

Fidelity Brokerage Services LLC, Member NYSE, SIPC
900 Salem Street, Smithfield, RI 02917.

902741.1.0
© 2019 FMR LLC. All rights reserved


  1. Based on two surveys: The PLANSPONSOR magazine 2018 Recordkeeping Survey (© Asset International Inc.), based on defined contribution plan assets administered and number of participants of recordkeepers, as of 12/31/2017; and Cerulli Associates’ The Cerulli Edge®—Retirement Edition, Q3 2018, based on an industry survey of firms reporting total IRA assets administered for Q2 2018.
  2. Guarantees apply to certain insurance and annuity products and are subject to product terms, exclusions and limitations as well as to the claims-paying ability and financial strength of the issuing insurance company.

Contacts

Corporate Communications
(617) 563-5800
fidelitycorporateaffairs@fmr.com

Ted Mitchell
(401) 292-3084
ted.mitchell@fmr.com

Follow us on Twitter @FidelityNews

Release Summary

Fidelity Investments To Offer USAA Single Premium Immediate Annuity

Contacts

Corporate Communications
(617) 563-5800
fidelitycorporateaffairs@fmr.com

Ted Mitchell
(401) 292-3084
ted.mitchell@fmr.com

Follow us on Twitter @FidelityNews