United of Omaha IRAdvantage Wealth Manager Annuity Review

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Outliving savings is a very real concern for retirees. Nobody knows how long their retirement years will last, or how much money it will take to pay the bills – but experts agree you’ll need a substantial sum. On average, today’s retiree turning 65 can expect to live until age 84 and 1 in 10 Americans age 65 will live to be age 95 or older.

In addition to retirement, other circumstances such as a job change or transitioning to a new lifestyle can also force a critical decision about managing accumulated savings. If you’re taking a distribution from a pension or profit-sharing plan, you generally have two options:

1. Receive a lump-sum distribution

2.Transfer, or roll over, the money to an Individual Retirement Account (IRA) or Individual Retirement Annuity

For many, the second option is a better choice for handling retirement plan distributions. It allows you to create a personal wealth-management strategy and continue deferring taxes on your retirement savings (e.g., from pension plans, profit-sharing plans, 401(k) plans, 457 plans, tax-sheltered 403(b) plans, or existing Traditional IRAs) while providing several options to grow or distribute your savings.

IRAdvantage Wealth Manager offers a tax-smart solution for assets from a pension or profit-sharing plan, and is designed to provide income for your lifetime or a specified period. It can help ensure you don’t outlive your income and provides an ideal solution if you are leaving a qualified retirement plan (e.g. a 401(k) plan) or want to consolidate several traditional IRAs into one account. Benefits are fixed and payment amounts will never vary.

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Direct Rollover Offers Tax Advantages3

Receiving a lump-sum distribution from a retirement plan may seem appealing, but can result in hefty tax and penalty charges – you may lose a large portion of your nest egg. If the sum isn’t rolled into another tax-qualified vehicle:

1. Twenty percent of your accumulated savings is withheld for federal income taxes

2. The full amount is subject to tax in the year distributed, based on your tax bracket for that year

3. A 10 percent Internal Revenue Service (IRS) early-withdrawal penalty may apply if you’re younger than 59½

By contrast, a direct rollover of your money from your employer’s retirement plan to an IRA or annuity avoids these unpleasant tax consequences.

Service You Can Depend On

When you choose an annuity from United of Omaha Life Insurance Company, you will receive an annuity certificate that details your benefits, guarantees, terms and conditions. We make every effort to provide the highest level of customer service and provide our customers with:

Payment Flexibility – Choose to receive payments on a monthly, quarterly, semiannual or annual basis.

Electronic Funds Transfer (EFT) – Elect to receive your benefits by check or choose our Electronic Funds Transfer option at no extra charge – your annuity check will be deposited directly in your bank account.

Tax Withholding and Reporting – Federal and State income tax withholding and reporting, plus year-end tax statements are provided.

A Trusted Name

Mutual of Omaha has provided quality, competitive products and outstanding service to its customers for more than 100 years. Today, Mutual of Omaha is one of the nation’s largest insurance providers and offers a full line of annuity products underwritten by United of Omaha Life Insurance Company.

While the world of insurance and financial services becomes more complex, the core of our business remains quite simple: develop affordable, dependable products and support to help our customers through life’s transitions. We will back our products with fair and timely service and will maintain the highest degree of integrity in all our interactions.

What we support also says a lot about us. As insurers of so many Americans, we promote healthy living, competitive athletics and the protection of our natural world through Mutual of Omaha’s Wild Kingdom and our sponsorship of USA Swimming and professional golf.


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