How One Member Found the Freedom to Volunteer in Retirement
Many of us can’t wait to retire. While just resting and not having to work is an appealing first step, many people also look forward to volunteering in retirement. It is one of the top 12 ways retirees spend their newfound free time, according to U.S. News & World Report.
That speaks to member1 Bessie Pierce of Winton, NC.
Serving others is part of the 63-year-old’s DNA. Before retiring, she volunteered while working as a radiologic technologist. She was involved with her local senior center and office on aging. She also enjoys spending time with her elderly friends.
“I call them ‘Mom’ and they call me ‘daughter,’” Pierce said smiling. “They go through health crises, and it blesses my heart to be able to sit with them. Whether it’s just talking with them, going to the store for them or driving them around to see the town, I’m glad to be there for them.”
Last November, Pierce added another community involvement activity to her retirement list when she was elected to the Winton Town Council.
“I want to bridge the gaps between people of different thoughts, means and ethnicities,” she said. “I want to see what we can do to help each other, be safe and grow.”
Finding a Way to Volunteer in Retirement
A tool that helped Pierce find the freedom to volunteer in retirement was the WoodmenLife Variable Annuity2 (VA).
“I wanted something that would make my money work for me,” she said. “I feel good that I have that nest egg. I don’t have to go back to work. I can volunteer and do things for others.”
When Pierce considered retirement, she aimed for between the ages of 62 and 65, preferably the higher end.
Things changed quickly, though, when her husband, William suffered health problems.
Rather than burn all her vacation days or take a leave from her job, Pierce decided the time to retire would come at age 62.
Thankfully, Pierce’s husband’s health issues improved.
“Now, he’s as healthy as I am,” she said. “We can be healthy together, and we enjoy retirement together.”
They can also compare notes about community service. William served on the town council for years, and he is a former member of the local fire and rescue department
WoodmenLife member Bessie Pierce chose to retire earlier than planned when her husband, William, suffered health problems. Now that his health has improved, the couple is enjoying retirement together. Pierce says her WoodmenLife Variable Annuity has allowed her money to grow and given her peace of mind in retirement.
Growth Potential
When Pierce purchased the VA, she wanted a product that would provide the opportunity for growth based on investments in stocks and bonds. She said the VA has provided that, as well as helping to protect her investment for her beneficiaries.
That’s good, because between them, the Pierces have six grown children and nine grandchildren.
The protection Bessie Pierce is happy about comes in the form of the VA’s guaranteed death benefit. It protects Pierce’s original investment with premiums accumulated at a compounded rate of 4% through age 79, up to a maximum of 200% of the premiums3. When Pierce passes away, her beneficiary will receive the greater of this guaranteed minimum death benefit amount or the accumulated value.
Pierce’s Financial Representative, Eleanor Hollowell, of Colerain, NC, said the guaranteed death benefit is her favorite attribute of the VA.
“It offers a little bit of cushion,” she said. “If the stock market doesn’t do well, then there’s a Plan B. I’m all for a Plan B.
“If you pass away while the market is down, your beneficiaries aren’t left with less than what you put into it.”
Going With the VA
Hollowell and Pierce knew one another from when they worked at the same hospital. Hollowell was an operating room nurse who left an impression on Pierce. When Pierce found out Hollowell was now a WoodmenLife Representative, she knew exactly where to go for advice about retirement options.
Like she does with all her clients, Hollowell asked Pierce about her goals for her money. Her answer was, “I want to watch it grow.”
“I told her about the options she had,” Hollowell said. “I found out what she was looking for, and I said, ‘You might like the VA.’”
Now, the product helps Pierce have financial peace that lets her focus volunteering in retirement.
For more information about the WoodmenLife Variable Annuity, visit WoodmenLife.org/Retirement/Variable-Annuities or contact your local Financial Representative.
You should consider the investment objectives, risks, charges, and expenses of the WoodmenLife 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.
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. Not all Representatives are licensed to sell all products.
1. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product.
2. Forms 456-XX-0208, 456-12-0302, 456-19-1207, 456-XX-0301. The WoodmenLife Variable Annuity is issued by Woodmen of the World Life Insurance Society. 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. Variable annuities are not FDIC-insured, and are subject to investment risk, including possible loss of principle.
3. The minimum death benefit is limited to a maximum of 200% of total premiums paid. After age 80, the minimum death benefit amount will no longer be accumulated with interest. The minimum death benefit amount and limit are reduced proportionately by any withdrawals. Guarantee is made by WoodmenLife. Death benefit and principal guarantee are subject to the claims-paying ability of the issuing insurance company.
WoodmenLife, its employees and Representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. All products may not be available in all states.
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