WoodmenLife Member Was Ready to Enjoy Retirement — Fixed Annuities Helped Him Get There

Calvin Thompson knew when it was time to start looking at retirement. He had spent decades getting up in the dark and getting home in the dark. His long days as a diesel mechanic had him heading out on the road to service broken-down machinery.

So, after 40 years with Caterpillar, Thompson, 82, of Winchester, VA, was ready to put his feet up for good.

“When you get up there in age, you get too old to do the job,” he said. “Being a mechanic is not easy.”

Still, Thompson, who has been a WoodmenLife member since the early 1970s, wanted to make sure he had the income needed to stop working. To do so, he’s leaned on fixed annuities, starting with rolling over an old 401(k) to a WoodmenLife annuity decades ago.

Looking Ahead

Keeping an eye on the horizon and plotting a course to get there is smart, said Financial Representative Chase McAtee. Thompson credits him with properly guiding him.

“Typically, a fixed annuity is great for retirees or anyone who has a 401(k), 403(b), etc., from a previous employer who wishes to roll it over into a conservative account with a guaranteed interest rate¹,” McAtee said. “Many of my Traditional IRA fixed annuity clients are folks who do not want to have to worry about checking their account statements constantly to see if the market went up or down. These clients find peace of mind knowing that they have that minimum guaranteed rate locked in for life.”

He added that Thompson liked that he could take advantage of several fixed annuity benefits all at once: tax deferral, guaranteed rates of return, a monthly income stream, and protection from market/interest rate risk².

What Is a Fixed Annuity?

A WoodmenLife Freedom Series deferred fixed annuity begins with an accumulation period where your contributions (minus any applicable charges) earn tax-deferred interest for as long as they remain in the annuity. At a future date, WoodmenLife will begin paying income to you or someone else you choose.

You can choose from two types of WoodmenLife Freedom Series deferred fixed annuities:

• Single Premium Deferred Annuity (SPDA) — You purchase with a single lump sum premium payment
• Flexible Premium Deferred Annuity (FPDA) — You make premium payments over time

Calvin Thompson is an 82-year-old Air Force Veteran, a father of three, grandfather of four, and great-grandfather of four. He is enjoying his retired years with his wife, Bobbi, and they look forward to their family coming to visit.

Making Sense for the Future

Like he does with Thompson, McAtee lets his members drive the conversation about which product to purchase so they can be ready to enjoy retirement.

“With any client, we have to take into account both the needs that we uncover from the needs analysis, as well as their own short- and long-term financial goals,” he said. “With our fixed annuity, you can lock in a competitive interest rate for the rest of your life, without having to worry about the risk of interest rates significantly dropping at the end of a particular term².”

McAtee has mostly helped Thompson with non-qualified fixed annuities — meaning annuities Thompson has purchased with after-tax income. (Years ago, Thompson worked with a different WoodmenLife Representative when he rolled over into a Traditional IRA fixed annuity.)

“With his non-qualified accounts, Calvin has liked putting his money there for several reasons: tax deferral, protection of his principal, and a lifetime guaranteed interest rate,” McAtee said. “He has both SPDAs and FPDAs that we have done to put him in the best possible position both for today and the future.”

Enjoying Retirement

So, what does that future look like? So far in retirement, Thompson and his wife, Bobbi, 80, have been able to travel to see family and have enjoyed nights watching dirt track racing.

“We had friends who drove racecars,” Thompson said. “I’d help them out. We used to go to a lot of races.”

Even though he lent a hand, Thompson didn’t put his professional skills to use.

“When you’re a mechanic, you don’t get your tools out on the weekend,” he chuckled.

The Air Force Veteran, father of three, grandfather of four, and great-grandfather of four is fulfilled by spending time with Bobbi, and they look forward to the family coming around.

Thompson is thankful for the guidance and support WoodmenLife offered to help make this retirement possible.

“I’d recommend WoodmenLife to anyone,” he said. “They’ve done everything they said they’d do for me.”

To learn more about a WoodmenLife Freedom Series deferred fixed annuity, visit WoodmenLife.org/Retirement/Deferred-Fixed-Annuities.

If you’d like to discuss your options, go to WoodmenLife.org/Find/Rep to find a WoodmenLife Representative near you.

Written by: Gary Peterson, Senior Copywriter

1. Guarantees are based on the claims-paying ability of the insurer.
2. Rates guaranteed for initial lock-in period. Lock-in periods of one month or one year are available. After the initial lock-in period expires, interest rates may vary each month. Interest rates are set monthly by WoodmenLife and will never be lower than the minimum guaranteed interest rate.
Products are not available in New York and New Hampshire. All products may not be available in all states.
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.
This testimonial reflects the individual’s personal experience. They received a complimentary family photo session as a thank-you.
Forms: 7962-XX-0707; 7962-02-0905 Single Premium Deferred Annuity; 7964-XX-0707; 7964-02-0905 Flexible Premium Deferred Annuity

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