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When you purchase an immediate annuity, since you’ve made a lump sum premium payment, your guaranteed income checks (payments) will start right away, usually within one year of paying your premium. Immediate annuities are a great way to make sure your retirement savings last for your entire lifetime.
Budgeting your retirement funds to make them last over decades can be stressful if you have spent most of your life receiving regular paychecks. With an immediate annuity, you can make a single lump sum payment. WoodmenLife will then distribute a monthly payment to you. Many retirees find it easier to manage household expenses through a regular income stream, just like they did while they were working.
With an immediate annuity, you can:
Non-life Immediate Annuity
You choose an income check (payment) period between 10 and 50 years. Payments to you may vary based on the current interest rate.
Life Income Fixed Payment Annuity
You will receive regular income checks (payments) for a fixed number of years (up to 20), and after that, for as long as you live. Your payments will remain fixed throughout your life. If you pass away before the end of the fixed period of income payments, those payments will continue to your beneficiary.
Life Income Varied Payment Annuity
You will receive regular income checks (payments) for a fixed number of years (up to 20), and after that, for as long as you live. Income Payments can vary, depending on refunds declared by WoodmenLife each year, but will not be less than the guaranteed income payment amount. If you pass away before the end of the fixed period of income payments, those payments will continue to your beneficiary.
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.See How It Works
A local WoodmenLife Representative can help you choose the best retirement products for where you are in life.