Annuity Options at Retirement – Plan for Your Future

Feb 7, 20222/7/2022

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Retirement

You’ve worked hard all your life, have had a successful career, and your kids are headed off to college or have their own careers now. You may be thinking about what the next chapter of your life will hold. That’s a good question, and a question we all will eventually ask ourselves.

You may have savings — money you’ve set aside for vacation, retirement, or simply to be there when you need it. Maybe you have five, 10 or even 20 years before you retire. That money is yours for whenever you think you can afford to retire comfortably and be able to do the things you never got to do when you were working and raising a family.

Ask yourself this now. How can you take that money you’ve saved and have it provide guaranteed income in retirement?

You can, and WoodmenLife has options to help you to do just that. WoodmenLife offers a variety of annuity products to choose from, which can help to meet your specific needs based on where you are in life now, and what you think you may need when planning for retirement.

Here may be some of the best annuity products WoodmenLife offers for your situation:

 

Freedom Series Fixed Annuities

Fixed annuities are a reliable way to accumulate tax-deferred funds for retirement. These may be either qualified or non-qualified funds. You have the option of choosing from a Flexible Premium Deferred Annuity or a Single Premium Deferred Annuity, depending on how you would like to make your payments.

In general, a fixed annuity is designed for individuals who have long-term retirement saving goals.

 

Single Premium Immediate Annuities

A Single Premium Immediate Annuity (SPIA) is designed to provide you with an immediate stream of income, either for a fixed period or throughout your lifetime.

  • With the fixed period option, you receive a portion of the principal plus interest for a predetermined amount of time.
  • With the fixed payment option, you are paid a predetermined amount until proceeds are exhausted.
  • With the lifetime income option, in return for a lump sum contribution, WoodmenLife will make payments to you for the rest of your life.
  • Lifetime income with ‘period certain’ is the minimum number of guaranteed annuity payments that will be paid by WoodmenLife to you for the rest of your life, and in case you pass away before the completion of the specified period, the payments are made to a designated beneficiary until the end of that period.

In general, Single Premium Immediate Annuities are designed for individuals in their 50s, 60s and up.

 

WoodmenLife Variable Annuity

The WoodmenLife Variable Annuity lets you blend the best features of investing and annuity guarantees*, allowing your investment to grow tax-deferred in various fixed and market-based sub-accounts, according to the amount of risk you are willing to take.

In general, the WoodmenLife Variable Annuity is designed for individuals looking to invest in the stock market, but also want the security of a guaranteed death benefit** and a wide range of payout plan options, including an income that cannot be outlived***.

As you can see, there are many annuity options at retirement to choose from, but the choice is yours to get an annuity based on what you want and when you are ready to begin planning for your retirement. If you have any questions regarding WoodmenLife annuity products, best annuities for retirees, or the best annuity plan for you, don’t hesitate to visit our Website or contact a local WoodmenLife Representative.

 

Products are not available in New York and all products may not be available in all states. Not all Representatives are licensed to sell all products. Contact your local Representative today for more information. At that time, you can discuss the costs, benefits, and details or coverage, including any reductions, exclusions and limitations that may apply.

 

Forms 7962-XX-0707, 7962-02-0905, 7964-XX-0707, 7964-02-0905, 85-XX-0212, 90-XX-0212, 91-XX-0212

456-XX-0208, 456-44-0301

 

The WoodmenLife Variable Annuity is issued by Woodmen of the World Life Insurance Society.

Securities are offered through Woodmen Financial Services Inc. (WFS) 1700 Farnam Street Omaha, NE  68102, 877-664-3332, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with WoodmenLife. This material is intended for general use with the public. WFS is not providing investment advice for any individual or any individual situation, and you should not look to this material for any investment advice. WFS has financial interests that are served by the sale of these products or services.

A variable annuity is a long-term financial vehicle designed for retirement purposes. There are contract limitations, fees and charges associated with variable annuities, which include, but are not limited to, mortality and expense risk charges, surrender charges and administrative fees. Early withdrawals may be subject to surrender charges and taxed as ordinary income, and in addition, if taken prior to age 59½, an additional 10% federal income tax penalty may apply.

*The annual certificate fee is $30 and may go up or down but is guaranteed not to exceed $45.The Mortality and Risk Expense Charge is 1.25% of the daily variable account value per year. This charge may go up or down but is guaranteed not to exceed 1.40%. This charge is deducted daily and does not apply to fixed accounts. Each of the variable sub-accounts carries additional expenses, which are detailed in the prospectuses for those variable sub-account funds. Surrender charges are assessed on a percentage declining basis according to issue age for the first seven years after each time premium is invested. Talk with a WoodmenLife Financial Representative for detailed charges.

**Guarantee is made by WoodmenLife. Death benefit and principal guarantee are subject to the claims-paying ability of the issuing insurance company.

***Fixed period and fixed amount payout options are not available in all states.

You should consider the investment objectives, risks, charges, and expenses of the WoodmenLife Variable Annuity or any third-party variable annuity carefully before investing. Call Woodmen Financial Services at 1-877-664-3332 for a current prospectus, which contains this and other information about the annuity. You should read the prospectus carefully before investing.

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Securities are offered through Woodmen Financial Services, Inc., 1700 Farnam Street, Omaha, NE 68102, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with Woodmen of the World Life Insurance Society.

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