The short answer: Despite the name, American Equity’s Retirement Gold has nothing to do with gold. It is a fixed index annuity: an insurance contract whose interest is linked to market indexes like the S&P 500, with protection from market losses. It has a 10-year surrender period with charges starting at 12.5%. It suits people who want principal protection and tax deferral and can lock money up for a decade. It is not a way to own gold.
Retirement With Gold has no business relationship with American Equity and is not paid for this review. Product terms vary by state and change over time; confirm current terms with a licensed agent.
What is American Equity Retirement Gold?
Retirement Gold is a fixed index annuity issued by American Equity Investment Life Insurance Company. You give the insurer a lump sum or flexible premiums. Your account earns interest based partly on the performance of chosen market indexes, subject to caps or participation rates, and it does not lose value when those indexes fall. Growth is tax-deferred.
American Equity has been owned by Brookfield since May 2024, when Brookfield Reinsurance completed a roughly $4.3 billion acquisition of the company.
Retirement Gold at a glance
| Product type | Fixed index annuity |
|---|---|
| Surrender period | 10 years |
| Surrender charges | 12.5% in year 1, declining to 4% in year 10 |
| Minimum premium | $5,000 |
| Maximum issue age | 78 |
| Index options | Including the S&P 500, Dow Jones, Dividend Aristocrats and Treasury-based strategies |
| Account types | IRAs, 403(b)s and non-qualified (personal) accounts |
| Free look | 15 days |
| Not available in | California and New York, among others |
| Insurer ratings | A- range from A.M. Best, Fitch and S&P, per published reviews |
How does Retirement Gold compare with a gold IRA?
| Retirement Gold annuity | Gold IRA | |
|---|---|---|
| What you own | An insurance contract | Physical gold and other approved metals |
| Downside | No loss from index declines | Full exposure to gold price drops |
| Upside | Limited by caps and participation rates | Full exposure to gold price gains |
| Access to money | Surrender charges for 10 years beyond free withdrawals | Can sell any time, but taxes and penalties may apply |
| Main costs | Surrender charges; optional rider fees | Custodian and storage fees; dealer markups |
| Guarantor | The insurance company | No guarantor; you own the metal |
What are the pros and cons?
- Pro: principal protection. Your account does not fall when the stock market does.
- Pro: tax deferral and flexible premiums.
- Con: long lock-up. Ten years of surrender charges, starting at 12.5%, make this costly to exit early.
- Con: capped growth. Independent reviewers caution that realistic returns for products like this often land in the low-to-mid single digits per year.
- Con: complexity. Caps, spreads and participation rates can change after purchase, and income riders add fees.
- Con: sales incentives. Consumer advocates have warned that commissions on indexed annuities can encourage recommendations that do not fit the buyer.
Who might Retirement Gold suit?
- People who will not need the money for at least 10 years
- Savers who value protection from losses over full market upside
- Those who have already filled cheaper tax-advantaged accounts
It is a poor fit if you need liquidity, want exposure to gold prices, or live in a state where it is not offered.
What should you ask before buying?
- What are the current caps and participation rates, and how often can they change?
- How much can I withdraw each year without a surrender charge?
- What commission does the agent earn on this product?
- What would I get back if I surrendered in years 1, 3 and 5?
- Is this product still offered in my state, or has it been replaced by a newer version?
If what you actually want is physical gold in a retirement account, read our complete gold IRA guide instead.
Frequently asked questions
Does American Equity Retirement Gold invest in gold?
No. Despite its name, it is a fixed index annuity whose interest is linked to market indexes. It does not hold gold.
What is the surrender period on Retirement Gold?
Ten years, with surrender charges starting at 12.5% in the first year and declining to 4% in year ten.
What is the minimum to buy Retirement Gold?
Published reviews list a $5,000 minimum premium, with a maximum issue age of 78.
Who owns American Equity now?
Brookfield Reinsurance completed its acquisition of American Equity Investment Life Holding Company in May 2024.
Is an annuity or a gold IRA better?
They do different jobs. An indexed annuity protects principal with capped growth and long surrender periods; a gold IRA holds physical metal that can rise or fall with gold prices.
Sources: Annuity Resources review of Retirement Gold, American Equity Retirement Gold brochure, AM Best on Brookfield’s acquisition, Consumer Federation of America fact sheet. General education, not insurance or investment advice.