Goldstein Scorecard: Incomplete (dated October 4, 2026). See how it is graded.
Athene TargetHorizon 10 Annuity Review: A Guide for Current Owners
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Athene's TargetHorizon agent comparison guide (03/14), Athene's current FIA and fixed annuity lineup pages and Athene's ratings page on October 4, 2026 · Updated
The Athene TargetHorizon 10 is a single-premium fixed indexed annuity from Athene Annuity and Life Company that no longer appears on Athene's fixed indexed annuity lineup (checked October 4, 2026).
Athene's agent guide dated 03/14 shows a 10-year withdrawal charge starting at 10%, a 5% or 6% premium bonus that vests in years 7 to 11, 5% free withdrawals from year 2 and optional TargetPay income riders. Owners should check their contract year, renewal caps and contract minimums.
Correction (October 4, 2026): an earlier version of this page said TargetHorizon 10 used a "glide path" that shifted index exposure as a target date approached, listed a $25,000 minimum and 10% annual free withdrawals, and pointed buyers to it as a current product.
Athene's 03/14 comparison guide shows none of that: the minimum single premium was $5,000, the free withdrawal on TargetHorizon 10 was 5% a year from year 2, and the owner chooses the crediting strategies.
Unverified Weiss, KBRA, COMDEX, "renewal rate integrity" and customer service grades, the star rating, a Complexity Index score and generic FIA figures are removed.
This page is for people who already own an Athene TargetHorizon contract, or inherited one. Athene no longer lists the product, so there is no public current rate sheet.
The terms below come from Athene's own agent comparison guide (form 55646, dated 03/14), which covers TargetHorizon 5, 10, 10 Select and 15 on contract forms TBS5, TBS10 and TBS15 (09/12).
An Aviva USA press release dated March 11, 2013, still archived from athene.com, describes a TargetBenefit annuity series with the same design: 10 or 15-year withdrawal charge periods, two optional income riders and income that can triple during care facility confinement (archived release). Your own contract and its data pages govern.
Contract minimums (checked October 4, 2026): Athene has not published TargetHorizon's minimum caps, minimum participation rates or maximum spreads, and we found no bailout provision in public documents. Owners keep the floors printed in their own contract. Contractual minimums are backed by the claims-paying ability of Athene Annuity and Life Company. To see how disclosed floors compare across fixed indexed annuities, read guaranteed minimum caps across FIAs (October 2026).
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge.
In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Contract basics by version (Athene guide dated 03/14)
| Feature | TargetHorizon 5 | TargetHorizon 10 | TargetHorizon 15 |
|---|---|---|---|
| Status today | Not listed on Athene's fixed indexed annuity lineup, checked October 4, 2026 | ||
| Premium | Single premium only; $5,000 minimum, $1,000,000 maximum | ||
| Issue ages (owner and annuitant) | 0 to 83 | 0 to 78 (lower maximums in some states; 10 Select in some states) | 0 to 73 (0 to 64 in FL; lower in some states) |
| Premium bonus | None | 5% under $50,000; 6% at $50,000 and over; none on 10 Select | 8% under $50,000 (7% in IL); 10% at $50,000 and over (9% in MN) |
| Bonus vesting | N/A | 0% in years 1 to 6, then 20, 40, 60, 80%; 100% from year 11 | 0% in years 1 to 11, then 20, 40, 60, 80%; 100% from year 16 |
| Withdrawal charge (by contract year) | 8.3, 7.8, 6.8, 5.9, 4.9%, then 0% from year 6 | 10, 10, 10, 10, 9, 8, 7, 6, 5, 4%, then 0% from year 11. 10 Select: 9.2, 8.7, 7.8, 6.8, 5.9, 4.9, 3.9, 3, 2, 1%, then 0% | 15, 15, 14, 14, 13, 13, 12, 11, 10, 9, 8, 7, 6, 5, 4%, then 0% from year 16 |
| Market value adjustment | Yes; the guide lists waivers of withdrawal charges, MVA and bonus vesting adjustment (details in the contract) | ||
| Free withdrawals | 10% a year from year 2 | 5% a year from year 2. RMDs and lifetime income benefits can be taken without withdrawal charge, bonus vesting adjustment or MVA from year 1 | |
| Crediting strategies | Fixed interest; 1-year point-to-point; 1-year monthly cap; 1-year monthly average; 1-year point-to-point multiple index; 1-year no cap point-to-point | Same six, plus a 5-year no cap point-to-point index strategy (not in NH and NV) | |
| Waivers | Terminal illness and qualified care facility confinement (not in MA); no charges on death of the owner or annuitant | ||
| Death benefit floor | 1% simple interest on remaining initial premium plus any applicable premium bonus | ||
| Income riders | None | Optional TargetPay or TargetPay Plus (forms TBSIRF and TBSIRI, 09/12); Confinement Income Benefit can triple rider income after year 2 during confinement, up to 60 months. Rider charges are not stated in the guide | |
| Current renewal caps on in-force contracts | Not publicly disclosed (on your annual statement) | ||
Get an independent read on Athene Targethorizon 10 FIA before you sign.
Send your email and I'll send you what this product actually guarantees, what the surrender schedule really costs you, and the two or three carriers paying more for the same guarantee. If it's already a good fit, I'll tell you that.
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Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A | AM Best A+ (Superior), stable outlook, rating dated 08/2025, per Athene's ratings page checked October 4, 2026; S&P A+, Fitch A+, Moody's A1, all stable, same page. |
| Rate or cap competitiveness | Incomplete | Renewal caps on in-force TargetHorizon contracts are not published. |
| Guaranteed floor | Incomplete | Minimum caps, participation rates and spreads are not publicly disclosed. The 03/14 guide states only a 1% simple interest death benefit floor. |
| Liquidity | C | TargetHorizon 10: 10-year withdrawal charge starting at 10%, MVA, bonus vesting through year 10, 5% free withdrawals from year 2. Contracts in year 11 or later have a 0% charge under that schedule. |
| Costs | Incomplete | TargetPay and TargetPay Plus rider charges are not stated in the public guide. |
| Transparency | D | No public rate page or current product page; the main public document is an agent guide from 03/14. |
| Overall | Incomplete | A highly rated insurer behind a legacy contract whose caps and floors are not public. The decision turns on the contract year and the numbers on your statement. |
Get the current numbers for your amountor call 213-414-2808
Pros and cons
| Pros | Cons |
|---|---|
| Issuer rated A+ (Superior) by AM Best, stable (Athene ratings page, checked October 4, 2026). | Not on Athene's current lineup; no public current caps. |
| Under the 03/14 TargetHorizon 10 schedule, the withdrawal charge is 0% and the bonus is fully vested from year 11. | Before year 11: charges up to 10%, an MVA and loss of unvested bonus on a surrender. |
| RMDs and lifetime income benefits can be taken without withdrawal charge or MVA from year 1. | Free withdrawals on the 10 and 15-year versions are 5% a year, half the 10% on the 5-year version. |
| Terminal illness and care facility confinement waivers; no charges at death. | Contract minimum caps and rider charges are not public, so the floor cannot be checked without the contract. |
Keep it or move it
- Find your version and issue date. TargetHorizon 5, 10, 10 Select and 15 have different schedules. The issue date tells you your contract year.
- Read the surrender value, not the accumulation value. During the withdrawal charge period, the surrender value reflects the charge, any MVA and unvested bonus.
- Compare renewal caps with the contract minimums. Ask Athene or your agent for the minimums on your data pages and the caps each strategy received at the last three anniversaries.
- If you added TargetPay or TargetPay Plus, ask for the rider charge, the income amount it would pay today, and whether you plan to use it. A surrender or exchange ends the rider.
- At 0% charge, compare. Options: keep it, take withdrawals, start income, surrender, or move the value to another annuity. A transfer done as a direct exchange under IRC Section 1035 is not a taxable event, but a new contract usually starts a new surrender period. See the 1035 exchange step-by-step guide.
Athene's current lineup (checked October 4, 2026): fixed indexed annuities AccuMax, Accumulator, Agility, Ascent Pro, Aviator, Performance Elite and Protector (Athene FIA page), and fixed annuities Athene MYG, MYG with Return of Premium Option, MYG Assure and MaxRate (Athene fixed annuity page).
Athene does not name a direct successor to TargetHorizon. Reviews: Athene Performance Elite 10, Athene Agility 10, Athene MaxRate and the Athene product hub.
Who it's for, and when to look elsewhere
Fits: an owner at or past year 11 of a TargetHorizon 10 who is satisfied with the caps on the statement and values the A+ issuer, or an owner who plans to use a TargetPay rider already attached to the contract.
Look elsewhere if:
- Your statement shows caps near the contract minimums and the withdrawal charge has reached 0%. Get the minimums in writing and compare.
- Someone pitches a replacement on the size of a new bonus. Compare today's surrender value with the new contract's surrender value and schedule, not the bonus headline.
- You mainly want a known rate. A MYGA locks a declared rate for the term, backed by the claims-paying ability of the issuing insurer. For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026). Current rates: MYGA rates.
Run the numbers: annuity surrender charge calculator, annuity calculator and, if you have a TargetPay rider, lifetime income rider vs annuitization. Background: how annuity crediting actually works and annuity second opinion.
Questions to ask your agent
- Which TargetHorizon version do I own, and what are the minimum caps, minimum participation rates, maximum spreads and minimum fixed rate in my contract? In writing, please.
- What contract year am I in, and what are my withdrawal charge percentage, MVA, unvested bonus and surrender value today? Show me the full surrender schedule by year.
- What caps and rates did each of my strategies get at the last three anniversaries?
- Do I have TargetPay or TargetPay Plus, what does it charge each year, and what income would it pay if I started now?
- If you recommend an exchange, show me the new contract's full surrender schedule, MVA and contract minimums. How are you paid on this product? Commission comes from the insurer and is built into the product's pricing, not deducted from my premium. What percentage is it, and would a longer surrender term pay you more? (Background: how annuity commissions work.)
From my desk
With a TargetHorizon, the first thing I check is which version it is and the issue date. A 10-year contract and a 15-year contract from the same guide have very different schedules: the 15 still charges 4% in year 15 and does not fully vest its bonus until year 16.
The number owners misread most often is the value at the top of the statement. During the withdrawal charge period it is not what a surrender pays. The surrender value is, and the gap includes the charge, any MVA and the unvested bonus.
For a MYGA comparison I take the surrender value at the date the owner could move without a charge, then compare a MYGA at its declared rate with staying at the caps on the statement. If there is a TargetPay rider, I also price the income it would pay, because an exchange gives that up.
Hans Goldstein, independent licensed insurance producer, CA license 4273294, NPN 20602398. No carrier paid for this review.
Frequently asked questions
Is the Athene TargetHorizon 10 still sold?
It does not appear on Athene's fixed indexed annuity lineup page, checked October 4, 2026. That page lists AccuMax, Accumulator, Agility, Ascent Pro, Aviator, Performance Elite and Protector. The most recent TargetHorizon sales document we found is Athene's agent comparison guide dated 03/14. Existing contracts stay in force under their own terms.
Does TargetHorizon use a glide path that shifts index exposure over time?
No such feature appears in Athene's 2014 comparison guide. TargetHorizon was a single-premium fixed indexed annuity in 5, 10 and 15-year versions with seven interest crediting strategies the owner chooses, plus optional TargetPay or TargetPay Plus lifetime income riders. An earlier version of this page described a glide path; that was wrong.
What is the TargetHorizon 10 withdrawal charge schedule?
Athene's 03/14 guide shows 10%, 10%, 10%, 10%, 9%, 8%, 7%, 6%, 5% and 4% in contract years 1 to 10, and 0% from year 11. The TargetHorizon 10 Select version, used in some states, starts at 9.2% and also reaches 0% in year 11. Your contract governs.
How does the TargetHorizon 10 premium bonus vest?
The 03/14 guide shows a 5% bonus on premium under $50,000 and 6% on $50,000 and over (no bonus on TargetHorizon 10 Select). The bonus is 0% vested in years 1 to 6, then 20%, 40%, 60% and 80% in years 7 to 10, and 100% from year 11.
What is the minimum cap on a TargetHorizon contract?
Athene has not published the contractual minimum caps, participation rates or spreads for TargetHorizon. They are printed in your contract and its data pages. Ask Athene or your agent for them in writing, along with the caps your strategies received at the last anniversary.
What can I do when the withdrawal charge period ends?
Once the schedule reaches 0%, you can keep the contract and accept the renewal caps, take withdrawals or a full surrender, start income, or move the value to another annuity. A move done as a direct exchange under IRC Section 1035 is not a taxable event; a MYGA is one option if you want a declared rate for a set term.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
A fixed indexed annuity ties up your money for 7 to 15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Sources (checked October 4, 2026)
- Athene, TargetHorizon Agent Comparison Guide, form 55646 (03/14): issue ages, premium, bonus and vesting, withdrawal charges, free withdrawals, strategies, waivers, death benefit floor, riders, contract forms (Athene document hosted by Platinum Insurance Marketing).
- Athene, Fixed indexed annuities lineup: products currently listed, checked October 4, 2026.
- Athene, Fixed annuities lineup: MYG, MYG ROP, MYG Assure, MaxRate, checked October 4, 2026.
- Athene Holding, Ratings: AM Best A+ stable (dated 08/2025), S&P A+, Fitch A+, Moody's A1, checked October 4, 2026.
- Aviva USA, TargetBenefit Annuities press release, March 11, 2013 (athene.com page archived by the Wayback Machine, January 29, 2023).
- MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026).
Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.