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The average retiree will likely face a bear market1 every 5 years—that’s 4 or 5 bear markets over a 20-30-year retirement.2

-0.5 -0.4 -0.3 -0.2 -0.1 0.0 0.1 0.2 0.3 0.4 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 26% 9% 3% 14% 4% -38% 23% 13% 0% 13% 30% 11% -1% 10% 19% -6% 29% 16% 27% -19% -14% -8% -8% -10% -7% -48% -28% -16% -19% -10% -6% -7% -12% -9% -3% -7% -34% -5% -25% -20% B A 9.00% Cap '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22

Source: Delaware Life Insurance Company, 2023. The data provided is for informational purposes only and is not an endorsement of any security, mutual fund, sector, or index. Market returns represented by S&P 500 Price Return Index. The Index is not available for direct investment. Returns assume no reinvestment of dividends and reflect calendar year returns, not peak to trough. All economic and performance information is historical and does not guarantee future results.

1 Bear Market is defined as a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.

2 Source: Hartford Funds, 10 Things You Should Know About Bear Markets, 2022. Data as of 12/15/2021.



The Standard & Poor’s 500® (“S&P 500®”) is a product of S&P Dow Jones Indexes LLC or its affiliates (“SPDJI”) and has been licensed for use by Delaware Life Insurance Company (“Delaware Life”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Delaware Life. Delaware Life Fixed Index Annuities are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500®. Annuities are long-term investment vehicles designed for retirement purposes. They are not intended to replace emergency funds, to be used as income for day-to-day expenses, or to fund short-term savings goals. Delaware Life Insurance annuities have limitations, exclusions, charges, termination provisions, and terms for keeping them in force. Please contact your financial professional for complete details. Fixed index annuities are not securities and do not participate directly in the stock market or any index and are not investments. It is not possible to invest directly in an index. Guarantees are backed by the financial strength and claims-paying ability of Delaware Life Insurance Company (Waltham, MA). Policies and contracts are issued by Delaware Life Insurance Company. Delaware Life Insurance Company (Waltham, MA) is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as individualized investment, legal or tax advice. To obtain such advice, please consult with your investment, legal or tax professional.


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