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When It’s Time to Get Going, Zoom Over to VAROOM® to Roll Over Your Money in Motion

Are you going through a job change? Or going into retirement? Maybe your money should be going, too.

VAROOM, short for Variable Annuity for Roll Over Only Money, was designed for your money in motion — retirement plan rollovers, to be exact. Rollover money is what you've built in 401(k), 403(b) and similar qualified retirement plans — and IRAs, too. If you're like most people, you've changed jobs over the course of your career. As a result, you still may have several plans, and perhaps multiple IRAs, with former employers. VAROOM allows you to consolidate your rollover money and offers you cost-effective investment options and retirement income guarantees. If it's "go time" for you — and your retirement money — VAROOM may be an option to consider.

This flexible premium variable annuity is issued by Integrity Life Insurance Company or National Integrity Life Insurance Company as a traditional IRA, Roth IRA or SEP IRA. For investment options, VAROOM offers you subaccounts that invest in exchange-traded funds (ETFs) from two big names, iShares® and Vanguard®. ETFs offered through VAROOM allow you to diversify your investments and generally have lower expenses and fees than actively managed sub-account options or investment options. Rolling over qualified money into VAROOM also maintains the tax-favored status of your investment – an important benefit for securing your retirement savings progress — while offering a death benefit for your loved ones. 

Before making rollover decisions, carefully consider all available retirement plan options. Factors include, but are not limited to, investment or account related fees and expenses, differing service levels and withdrawal penalties, as well as a limitation of one 60 day IRA rollover per year. 

Benefits of VAROOM

Consolidating your money from IRAs and retirement plans in one convenient place makes tracking them simpler and easier. Consider the many benefits VAROOM offers:

  • You can choose your initial investments from $25,000 to $1 million.
  • You can add more qualified premiums, starting as low as $1,000.
  • You can choose to invest your money over time with a systematic transfer option (STO), which automatically transfers your money into your selected subaccounts over a six- or 12-month period. Plus, your money earns a guaranteed fixed interest rate while in the STO.
  • You may change your investment allocations as often as every 60 days.
  • You’ll enjoy the same tax advantages you're accustomed to in your 401(k), 403(b) and other qualified plans, as well as in your IRAs. VAROOM preserves the tax advantages of qualified plans but provides no additional ones.
  • You can choose from a variety of retirement income stream options, including some with lifetime payouts.
  • A death benefit can offer financial security for your loved ones.
  • An optional Guaranteed Lifetime Withdrawal Benefit can offer you added security for an additional annual charge.
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Could This Annuity Rollover Be Right for You?

VAROOM was created specifically for your retirement money in motion. You may want to consider this variable annuity if: 

  • You are at a career crossroads and changing jobs.
  • You have saved money within your employer's 401(k) plan but want to diversify your investments and have more control over your funds while maintaining the tax-favored status of your investment.
  • You are ready to retire and seek a new place for your retirement savings, one with some income options that offers regular payments for as long as you live.

Details About This Variable Annuity

VAROOM offers you access flexibility — both before and after retirement — that can help add income confidence to your retirement journey. With VAROOM, you may withdraw up to 10 percent of your account value each contract year without a withdrawal charge (noncumulative and less any required minimum distributions). If you withdraw funds before age 59½, a 10 percent federal tax penalty on the withdrawal and additional income taxes may apply. The account value must be taken by the owner's 100th birthday. Fees and charges include, but are not limited to, mortality and expense risk charges, administrative fees, contract fees and additional charges for optional benefits. Withdrawals also may be subject to charges and will reduce annuity contract benefits and values. Refer to your product prospectus for complete information.

The Guaranteed Lifetime Withdrawal Benefit is an optional rider available at issue for an additional charge, provided you (and your covered spouse, if any) are age 45-80 on the contract date. It can provide guaranteed income for life while still allowing you to maintain a measure of control over your assets in VAROOM. Limit your withdrawals to the benefit's guaranteed amount, and that income is protected from market losses.

The annual charge is 0.65% with basic allocation strategy or 0.85% with the self-style allocation strategy (up tp 1.50% maximum). The guaranteed withdrawal amount for the spousal benefit (for both spouses) is 90% of that for the individual benefit.

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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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There is no guarantee of the investment performance or safety of variable annuity investment options. Investment return and principal value of an investment in a variable annuity fluctuate, so units, when redeemed, may be worth more or less than their original cost.

Product issuer Integrity Life Insurance Company, Cincinnati, OH, operates in DC and all states except NY where National Integrity Life Insurance Company, Greenwich, NY, operates. Touchstone Securities, Inc., member FINRA / SIPC, serves as the principal underwriter for our variable annuity contracts. Securities offered through W&S Brokerage Services Inc., member FINRA / SIPC. All companies are members of Western & Southern Financial Group.

Investors should carefully consider the investment objectives, risks, charges and expenses of the contract and the underlying investment options. This and other information is contained in the product and the underlying fund prospectuses and, if available, summary prospectus. Contact your Registered Representative to obtain a prospectus. Please read the prospectus carefully before investing.

Security products are not bank products, are not a deposit, are not insured by the FDIC, NCUA, or any other federal entity, have no bank guarantee and may lose value.

The tax advantages available with this contract are solely through the contract's qualification as an IRA. VAROOM is subject to all laws governing IRAs including but not limited to age and contribution limits, early and late IRS withdrawal penalties, and required minimum distributions.

IMPORTANT DISCLOSURES

Flexible Premium Deferred Fixed and Variable Annuity Contract series ICC10 INT-15 1011, ICC10 NIL-15 1011, NIL-15 1011 NY R, Guaranteed Lifetime Withdrawal Benefit Rider series ICC10 IR.32 1011, ICC10 IR.33 1011, ICC10 NR.32 1011, NR.32 1011 NY, ICC10 NR.33 1011, NR.33 1011 NY, Death Benefit Rider series ICC10 IR.34 1011, ICC10 NR.34 1011, NR.34 1011 NY.

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 contracts have terms and limitations for keeping them in force.  Please contact a financial representative for complete details.

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