With a guaranteed minimum interest rate, deferred fixed annuities1 are a good option for planning how much income you'll have available in retirement. You'll choose whether you want to receive fixed or varying income payments. Varying income payments may be helpful if you plan to have higher expenses at certain times, like paying off property at the beginning of retirement or healthcare costs in your later years.
How a Deferred Fixed Annuity Works What is a Freedom Series Deferred Fixed Annuity
A WoodmenLife Freedom Series deferred fixed annuity begins with an accumulation period where the money you put into the annuity (minus any applicable charges) earns tax-deferred interest as long as it remains in the annuity. At a future date, WoodmenLife will begin paying income to you or someone else you choose.
Choose from two types of WoodmenLife Freedom Series deferred fixed annuities.
You can purchase the Single Premium Deferred Annuity (SPDA) with one single, lump sum premium payment.
OR
You can make premium payments over time with the Flexible Premium Deferred Annuity (FPDA).
Why Choose a Freedom Series Deferred Fixed Annuity 5 Reasons to Choose a Deferred Fixed Annuity
1
Defer Taxes
Build earnings in the annuity that are not taxable until you begin receiving payments, at a time when you may be in a lower tax bracket2.
2
Keep Adding Money
Continue contributing even after you’ve retired*.
3
Leave Money for Your Loved Ones
Leave the annuity value to a loved one you choose (if you pass away before receiving payments from the annuity). Your beneficiary will have to pay taxes on the amount he or she receives.
4
Count on a Minimum Guaranteed Interest Rate
Guaranteed interest rates are something you can count on. No matter what the current interest rate is, WoodmenLife Freedom Series fixed annuities will never earn less than the minimum guaranteed rate.
5
Access Funds Conveniently
Withdraw up to 10 percent of your annuity value each certificate year without paying a surrender charge3.
Competitive Annuity Rates
See the most current WoodmenLife annuity interest rates.
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Disclosures
Single Premium Deferred Annuity (SPDA) not available in NH. Flexible Premium Deferred Annuity (FPDA) not available in NH.
Withdrawals of earnings are taxed as ordinary income.
Each certificate year, you can withdraw up to 10 percent of your annuity value without paying a surrender charge. Total withdrawals exceeding 10 percent of the annuity value as of the first withdrawal in each certificate year, may be subject to a surrender charge. After you attain age 72, minimum distributions required by the IRS exceeding 10 percent of your annuity value can be withdrawn without paying a surrender charge. If you are under age 59 1/2 at the time of any withdrawal, a 10 percent IRS penalty may apply.
*The maximum amount of premium that may be paid in the first calendar year is the initial premium plus $25,000. The maximum amount of premium that may be paid in any other calendar year is $25,000.
Products are not available in New York and New Hampshire. All products may not be available in all states.
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.
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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