Life · Chapter 9 · Charges & Living Benefits
Guaranteed Minimum Withdrawal Benefit (GMWB)
Definition
Variable-annuity rider guaranteeing steady retirement income regardless of market volatility: the annuitant may withdraw a fixed percentage (generally 5–10%) of the initial investment each year until the entire initial investment is recovered.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
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