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Glossary

Resources

Let’s get familiar with popular and common financial terms. Use the below glossary to help you better understand financial words and phrases.

Annuity
A financial product designed for retirement that can offer protected lifetime income.

Contract
A written agreement between an insurance company and a customer outlining each party’s responsibilities in an annuity agreement.

Dollar cost average
A strategy to invest specified amounts spread out over a period of time, instead of one larger amount, to reduce the risk of investing all at once when prices are high.

Fixed and variable annuity
An annuity that offers both fixed options (protected from market fluctuations) and variable options (potential for growth or loss from market fluctuations).

Individual retirement account (IRA)
A tax-advantaged account that individuals can set up to save for retirement. Depending on the type, you may use pre-tax or post-tax dollars.

In-service transfers
Transferring your account balance into another retirement plan or an individual retirement account (IRA).

Net fund annual expense
Total fees charged annually (ex: operational fees) divided by your total investment.

Non-qualified deferred annuities (NQDA)
Tax-deferred investment vehicles with a unique tax structure. While you won’t receive a tax deduction for the money you contribute, your account grows without incurring taxes until you take money out, either through withdrawals or as a regular income in retirement.

Premium
An amount of money you or your employer pay to VALIC to receive the benefits of a Contract.

Separate account
A separate account is a portfolio of assets managed by a professional investment firm.

Surrender charge
A fee that’s typically assessed if a contract owner cancels (surrenders) their annuity contract before the agreed surrender charge period or withdraws a portion of their account balance above their allotted penalty-free withdrawal amount.