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OmniFlex® Annuity: A Practical Solution to Help Make the Most of Retirement

As you prepare for retirement, your financial situation may change. It's comforting to know there is an annuity that may help keep pace with life's changes. OmniFlex is a deferred annuity for people who want a flexible premium combined with the ability to earn a higher crediting interest rate based on the size of their fund. This annuity yields guaranteed income that cannot be outlived during the time period selected.

With an OmniFlex annuity, your money is compounded in three ways:

  • The principal earns interest
  • The interest earns interest
  • Assuming there are no withdrawals, the money otherwise paid in taxes remains in the annuity and earns interest. Taxes are deferred until withdrawn.
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Benefits of OmniFlex

Life changes. And so does your financial situation. An OmniFlex annuity offers flexibility in preparing for retirement.

  • Cash value grows tax-deferred, which means the retirement account may accumulate more quickly than that for other fixed options earning the same rate of interest.  
  • You have the flexibility of making contributions at any time, within certain limits. This means the more money accumulated in your annuity fund, the higher your interest earnings.
  • You can receive the accumulated annuity value in a single lump-sum payment or opt for income payments for a number of years - or even your lifetime.
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Could This Be the Right Solution for You?

An OmniFlex Annuity may be the right financial solution for a variety of people:

  • Your eye is on retirement within the next 10 years. Your tolerance for market risk is decreasing, and you are seeking a retirement savings solution that can yield a guaranteed income that you will not outlive.
  • You just welcomed your second child. You're more mature parents who want to begin putting away money for retirement, but you know your financial needs are likely to change in the coming years.
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Product Details

Unlike other annuities, OmniFlex doesn't lock you into a set interest earnings rate. Instead, each premium receives an interest rate declared by Western & Southern Life. Each contribution is credited with an interest rate that is determined by the fund amount when contributions are received. The more money accumulated in your annuity fund, the better your interest rate.

The annuity contract may be surrendered by the owner at any time. Western & Southern Life guarantees that the cash surrender value will be at least 100 percent of the premium paid, unless withdrawals are taken. The minimum initial premium is $2,500. An additional premium of $1,000 or more may be made at any time.

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Facts on Saving for Retirement

We can help you prepare for retirement.

45% of Americans have saved nothing for retirement. (The Motley Fool, 20 Retirement Stats That Will Blow You Away, Jan. 26, 2016.)

 56% of Americans have less than $10,000 saved for retirement. (GoBankingRates, March 2016, https://www.gobankingrates.com/press-releases/1-3-americans-0-saved-retirement/)

Overall, Americans are losing an estimated $24 billion every year in matching employer 401(k) contributions. (CheatSheet, 10 Retirement Statistics That Will Scare the Crap Out of You, Dec. 25, 2016.)

55% of retirees stopped working earlier than expected. Health was the number one reason, followed by job loss. (CheatSheet, 10 Retirement Statistics That Will Scare the Crap Out of You, Dec. 25, 2016.)

36% of American adults over 65 are completely dependent on Social Security. (The Motley Fool, 20 Retirement Stats That Will Blow You Away, Jan. 26, 2016.)

The average out of pocket medical costs for a 65-year-old couple will be $218,000 over the next 20 years. (The Motley Fool, 20 Retirement Stats That Will Blow You Away, Jan. 26, 2016.)

1 year in a skilled nursing facility can cost more than $200,000. (The Motley Fool, 20 Retirement Stats That Will Blow You Away, Jan. 26, 2016.)

Many adults don’t save for retirement because they say saving for retirement is like saving for a stranger. (MarketWatch, “This is why most people don’t save for retirement,” Oct. 22, 2016)

Other reasons include

  • I don’t make enough money
  • My employer doesn’t offer a  401(k)
  • My employer doesn’t offer a 401(k) match so it’s not worth it
  • I don’t know how
  • Retirement is decades away
  • I’m saving for a house, car, or vacation

(The (Mostly) Simple Life: Practical Ways to Simplify Your Home, Life & Finances, Nov. 4, 2016, http://www.themostlysimplelife.com/simple-money/saving-for-retirement/)

 

But being unprepared can drastically impact an individual’s retirement in many ways.

Even a small amount put aside each week can help build retirement savings.

We can help you prepare for retirement. Start Now.

Western & Southern Financial Group

Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation. The information provided is for educational purposes only.

©The Western and Southern Life Insurance Company, Cincinnati, Ohio, operates in DC and all states except AK, CT, ME, MA, NH, NY and VT. Western-Southern Life Assurance Company, Cincinnati, Ohio, operates in DC and all states except AK, ME, NH, NY and RI.

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IMPORTANT DISCLOSURES

Flexible Premium Deferred Annuity contract series 0407-5100-I WSA, 0407-5101-I WSA issued by Western-Southern Life Assurance Company which operates in DC and all states except AK, ME, NH, NY and RI.

Product and feature availability, as well as benefit provisions, vary by state.

Payment of benefits under the annuity contract is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.

Earnings and pre-tax payments are subject to income tax at withdrawal. Withdrawals may be subject to charges. Withdrawals from an annuity are subject to ordinary income tax, and, if taken before age 59½, may be subject to a 10% IRS penalty.

Annuity products are not bank products, are not a deposit, are not insured by the FDIC, nor any other federal entity, have no bank guarantee, and may lose value.

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