Retirement
Retirement Annuities
It’s never too early to start planning for your retirement years. WoodmenLife can help.
Annuities Explained
What is an Annuity
For retirement planning, look to WoodmenLife annuities. Annuities are insurance contracts that are set up so you can grow your retirement savings and provide a guaranteed income. You make regular premium payments, or a single payment and receive regular income checks (payments) over time. Depending on your financial needs and objectives, annuities can be qualified or non-qualified. If a qualified annuity is right for you, you can consider a traditional IRA or a Roth IRA.
How WoodmenLife Retirement Products Work
Pre-tax or After-tax
WoodmenLife offers both qualified and non-qualified annuities, and your Representative can help you understand which will work best for you. Let’s look at the difference between qualified and non-qualified.
You can fund a qualified annuity with pre-tax dollars, meaning the contribution itself could qualify for a tax deduction, lowering taxable income. When you take a distribution from a qualified annuity, you will need to pay taxes on the whole amount (the amount you put in and interest earned).
If you choose a non-qualified annuity, you will pay taxes on the money before it goes into the account. When you take money out, you will only need to pay taxes on the earnings.
Retirement Account Types
Types of IRAs
Individual Retirement Accounts, commonly called IRAs, allow you to plan for retirement. There are different types of qualified IRA’s:
Traditional IRA
A traditional IRA uses pre-tax contributions and the investments in the account grow tax-deferred. Upon retirement, you pay income tax on withdrawals.
Roth IRA1
Roth IRAs allow you to make after-tax contributions and earnings can grow tax-free. After age 59 1/2, withdrawals are tax and penalty-free.
SEP and SIMPLE IRAs
These employer-sponsored retirement plan options are a good fit for small business owners.
Need help rolling over a 401(k)?
We make it easy to roll 401(k) funds from previous employers into an annuity.
401(k) not offered as a product. Products offered are IRA variable annuities, IRA fixed annuities and IRA mutual funds.
Compare Types of Annuities
WoodmenLife offers three types of annuities.
Income Payments Begin Right Away
Grow Money Tax-Deferred
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Death Benefit
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Death Benefit That Increases
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Guaranteed Interest Rate Available3
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May Offer Income Throughout Your Lifetime
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Surrender Charge in Some Situations4
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Conservative Risk
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Moderate Risk Options
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Higher Risk Options
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Annual Charge
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Annual Fees and Expenses5
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Income Payments Begin Right Away
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Grow Money Tax-Deferred
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Death Benefit
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Death Benefit That Increases
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Guaranteed Interest Rate Available3
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May Offer Income Throughout Your Lifetime
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Surrender Charge in Some Situations4
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Conservative Risk
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Moderate Risk Options
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Higher Risk Options
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Annual Charge
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Annual Fees and Expenses5
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Why WoodmenLife?
We’re committed to doing more for your family and for your community.
A Life Insurance Company that Gives Back
As a not-for-profit life insurance company, we put money back into the community. We’re here when you need us most.
130 Years Strong
We’ve been helping to protect the financial future of families like yours, making a difference in hometowns across America and honoring our country since 1890.
Helping Your Family Get More Out of Life
As a member of the WoodmenLife family †, you have access to a wide range of valuable extras ‡. From help paying for education to financial assistance following a natural disaster, these extras are designed to help your family right now. There’s no extra cost nor obligation to enjoy them. It’s just one way our family is committed to helping yours at every stage in life.
Celebrate Your American Pride
We value our American freedoms, just like you. That’s why we’ve presented more than 3.5 million flags to nonprofit organizations, schools and communities nationwide.
Standing Strong Since 1890
We’ve been earning your trust for 130 years by taking a long-term approach to maintaining financial stability. Your confidence in us matters, and we’re dedicated to earning it every day by keeping your best interests in mind with the decisions we make.
Connect with WoodmenLife
A local WoodmenLife Representative can help you choose the best retirement products for where you are in life.
Disclosures
Roth IRA account must be open at least 5 years to qualify for tax and penalty-free withdrawals.
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.
Minimum guaranteed interest rate avaiable in fixed account only.
Surrender charges may apply to annuity withdrawals. If you are under age 59 1/2 at the time of any withdrawal, a 10 percent IRS penalty may also apply. Fixed annuities may allow for a portion (up to 10%), of the annuity value at the time you make the first withdrawal, to be withdrawn penalty free. Special rules related to required minimum distributions from the IRS after age 72 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.
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 material is intended for general use with the public. WoodmenLife will not provide recommendations for any individual or any individual situation, and you should not look to this material for advice regarding your individual circumstances and needs.
Guarantee is made by WoodmenLife. Death benefit and principal guarantee are subject to the claims-paying ability of the issuing insurance company. 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.
Taxable distributions (and certain deemed distributions) are subject to ordinary income tax and, if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. Contact your professional tax advisor for more information.
†An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product.
‡WoodmenLife Extras are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product. These extras are not contractual, are subject to change and have specific eligibility requirements.
Products are not available in New York and all products may not be available in all states.
Forms:
85-XX-0212 Single Premium Immediate Annuity (Fixed Payment Period)
91-XX-0212 Single Premium Immediate Annuity (Life Income – Payment May Vary)
90-XX-0212 Single Premium Immediate Annuity (Life Income – Fixed Payment)
7962-XX-0707; 7962-02-0905 Single Premium Deferred Annuity
7964-XX-0707; 7964-02-0905 Flexible Premium Deferred Annuity
456-XX-0208, 456-44-0301 Variable Annuity
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