Mutual Of Omaha Retirement Calculator


Safe Secure Option For Your Money

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Youve worked hard to build your assets.

You certainly want to make sure that a portion of your assets are safe and wont be affected by a downturn in the stock market especially when youre counting on using those assets for retirement.

One way to help build and protect your assets is with an Ultra-Premier annuity from United of Omaha Life Insurance Company .

Risks Of Not Investing

Although investing poses risks, not investing could mean you wont be able to retire on your terms. Your financial future depends on minimizing your investment risk while ensuring your portfolio has enough growth potential for you to reach your long-term goals.

Talk to your financial advisor today about implementing a strategy that will help you reach your goals.

Overview Of Mutual Of Omaha

Mutual of Omaha was founded in 1909 and is headquartered, as the name suggests, in Omaha, Nebraska. The firm, which is not publicly traded, offers a wide variety of insurance products, including life insurance.

There are more than 5,500 employees at Mutual of Omaha as of 2018, and nearly 5.2 million product customers. According to the National Association of Insurance Commissioners , Mutual of Omaha posted financial gains in 2020 after two years of net losses.

The firm has fairly strong financial strength ratings. They go as follows:

  • A+ Superior rating from A.M Best Company, Inc.
  • A1 Good rating from Moodys Investor
  • A+ Strong rating from S& P Global

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Mutual Of Omaha Reverse Mortgages Rates

Mutual of Omahas reverse mortgage rates vary depending on your home, your age and your credit score, but you can talk to a representative to get an estimate.

Apart from the interest, borrowers who take out a reverse mortgage from Mutual of Omaha will have to pay lender fees, closing costs and upfront mortgage insurance. In total, Mutual of Omaha estimates these fees to range from $11,000 to $21,000, depending on the value of the home.

Every clients situation is different, and yours will ultimately determine your rates and fees.

Are There Life Insurance Policies Designed Specifically For Seniors

Mutual of America Life Insurance Company

These two policy types are especially for senior life insurance buyers:

Guaranteed issue life insurance. These policies are offered with the promise that you cant be turned down and wont be asked any health questions. The trade-off is that maximum coverage amounts tend to be small, and if you die in the first two or three years after purchase your beneficiaries wont get the full death benefit. This is known as a graded death benefit,

Guaranteed issue life insurance is also pricey for the amount of insurance youre getting, but its designed for seniors who have health issues.

Burial insurance. Also known as final expense insurance, burial insurance is available only in small amounts and is designed for seniors in poor health and with limited budgets. Its meant to cover a funeral and final expenses.

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Guaranteed Whole Life Insurance

Guaranteed whole life insurance is a form of permanent coverage that builds cash value from fixed premiums, while also offering a death benefit and assistance with final expenses. Moreover, a medical exam is not needed. For those on a fixed income or those who simply want peace of mind, guaranteed whole life insurance may provide a good option.

Mutual of Omaha offers guaranteed whole life insurance coverage to adults between the ages of 45 and 85, or those ages 50-75 for New York residents. Benefits range from $2,000 to $25,000, or $5,000 to $25,000 in Washington.

Flexibility To Meet Your Changing Needs

You can personalize your Ultra-Income policy to meet your changing needs, including:

1. Choose a fixed percentage increase that will help your payments keep pace with inflation

2. Select the varying payment option to adjust the amounts you are paid to the way you pay your bills

3. Increase your income payments by a certain dollar amount every year

4. Select the electronic funds transfer option and your income payments will be deposited directly into your checking account

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Death Of A Spouse Or Minor Dependent

Applies to one withdrawal if the spouse or a minor dependent of the owner dies.

For the death of a spouse, the maximum allowable surrender is 50 percent of the accumulation value as of the withdrawal date. For the death of a minor dependent, the maximum is 25 percent.

Mutual of Omaha Life Insurance is also an inexpensive way to leave a death benefit to beneficiaries.

Pensions 401s Individual Retirement Accounts And Other Savings Plans

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401, 403, 457 Plan

In the U.S., two of the most popular ways to save for retirement include Employer Matching Programs such as the 401 and their offshoot, the 403 . 401s vary from company to company, but many employers offer a matching contribution up to a certain percentage of the gross income of the employee. For example, an employer may match up to 3% of an employee’s contribution to their 401 if this employee earned $60,000, the employer would contribute a maximum of $1,800 to the employee’s 401 that year. Only 6% of companies that offer 401s don’t make some sort of employer contribution. It is generally recommended to at least contribute the maximum amount that an employer will match.

Employer matching program contributions are made using pre-tax dollars. Funds are essentially allowed to grow tax-free until distributed. Only distributions are taxed as ordinary income in retirement, during which retirees most likely fall within a lower tax bracket. Please visit our 401K Calculator for more information about 401s.

IRA and Roth IRA

Pension Plans

In the U.S., pension plans were a popular form of saving for retirement in the past, but they have since fallen out of favor, largely due to increasing longevity there are fewer workers for each retired person. However, they can still be found in the public sector or traditional corporations.

For more information about or to do calculations involving pensions, please visit the Pension Calculator.

Investments and CDs

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How Much To Save For Retirement

Naturally, the next question becomes: how much should a person save for retirement? Simply put, it’s an extremely loaded question with very few definite answers. Similar to the answer to the question of whether to retire or not, it will depend on each person, and factors such as how much income will be needed, entitlement for Social Security retirement benefits, health and life expectancy, personal preferences regarding inheritances, and many other things.

Below are some general guidelines.

What To Look For In A Senior Life Insurance Policy

Your need for life insurance will usually decrease as you grow older and accumulate other assets. The primary need for life insurance is based upon providing income to someone who is financially dependent upon you. If the assets you are leaving to heirs will be sufficient after you pass away, then your need for life insurance may disappear.

Here are reasons seniors may need life insurance:

  • Final expenses. Provide funeral and related expenses to close up an estate.
  • Inheritance. Fund an inheritance outside of your estates assets.
  • Liquidity. Provide liquidity for an estate that has mainly illiquid assets, such as real estate.
  • Income replacement. Continue income for a spouse or other dependent when your income is primarily from a pension or annuity that has minimal to no survivor benefits.
  • Debts. Provide funds for survivors to pay large debts.
  • Estate taxes. Provide funds to cover potential estate tax liability for heirs.
  • Special needs child. Fund a special needs trust for a dependent who needs lifetime financial support.
  • Charitable bequest. Make a lump sum donation to replace your on-going financial support for a non-profit.

Like anyone else, buyers of senior life insurance should look for a policy that fits their needs. Your purpose for buying life insurance will guide your decision on the types of life insurance to consider.

But if you need life insurance at an older age, here are some considerations for senior life insurance.

Avoid Graded Death Benefit Policies

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Available Life Insurance Products

Life insurance underwritten by United of Omaha Life Insurance Company, Mutual of Omaha Plaza, Omaha, NE 68175. United of Omaha is licensed nationwide, except in New York. Policy form number 7000GM-U-EZ 2010 or state equivalent . In New York, life insurance is underwritten by Companion Life Insurance Company, 888 Veterans Memorial Highway, Suite 515, Hauppauge, NY 11788. Companion is licensed in New York. Policy form number 7000GM-C-EZ 2010. Some exclusions, limitations and reductions may apply.


Pros And Cons Of Medicare Coverage From Mutual Of Omaha

Mutual of Omaha vs. Sagicor

Like any major insurer, there are pros and cons to opting for a Mutual of Omaha Medigap plan.


  • Size: Mutual of Omaha is a large, national company, which adds security and expertise.
  • Widely Available: Mutual of Omahas plans are available in much of the United States.
  • High Ratings: The company and its plans are typically highly rated.


  • Limited Offerings: There are several Medigap plans that Mutual of Omaha does not offer.
  • Price Differences: The price of a plan can vary heavily based on region and several other factors.

Prepare for the Medicare Advantage Open Enrollment Period

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Mutual Of Omaha Reverse Mortgage Costs

Typical reverse mortgage costs include title insurance, origination fee, mortgage insurance, financial counseling and an appraisal fee. The property, state and other factors influence closing costs, but you can pay for them from the reverse mortgage proceeds.

Mutual of Omaha Reverse Mortgage doesnt publish fees on the website. We found HECM cost samples on the parent companys site:

  • Underwriting fee: $412 to $687
  • Processing fee: $480 to $830
  • Origination fee: $0 to $6,000

Mutual Of Omaha Reverse Mortgage Q& a

  • Will the bank own my home if I get a Mutual of Omaha reverse mortgage?

    You retain your homes title with a reverse mortgage, and you still own the home until you leave the property. Mutual of Omaha also requires that you keep up on your payments, taxes and insurance to keep the title.

  • Who is responsible for maintaining my home with a Mutual of Omaha reverse mortgage?

    You must maintain your home and foot the cost for doing so with a Mutual of Omaha reverse mortgage.

  • Are Mutual of Omaha Reverse Mortgage loans available in my state?

    Mutual of Omaha Reverse Mortgage is a licensed lender in every state except New York and West Virginia.

  • How does a Mutual of Omaha reverse mortgage affect my childrens inheritance?

    When you leave the home, Mutual of Omaha Reverse Mortgage will sell it to pay off the balance on your loan. Any remaining funds go to your heirs. Your heirs can keep the property by paying the lesser of the loan balance or 95% of the appraised value.

  • Can I get out of a Mutual of Omaha reverse mortgage if I change my mind?

    Yes. You can pay the loan back in full at any time, and theres no prepayment penalty. The payoff amount never exceeds the homes value.

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What Are Mutual Of Omaha Reviews Like

Mutual of Omaha is one of the best life insurance companies in the U.S. for 2022. With high scores for customer satisfaction from J.D. Power and top ratings from AM Best for financial stability, Mutual of Omaha remains one of the most popular life insurance companies in the country. However, it may be worth noting that S& P downgraded Mutual of Omahas long-term issuer credit rating from A+ to AA- as recently as 2020.

Impact Of Inflation On Retirement Savings

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Inflation is the general increase in prices and a fall in the purchasing power of money over time. The average inflation rate in the United States for the past 30 years has been around 2.6% per year, which means that the purchasing power of one dollar now is not only less than one dollar 30 years ago but less than 50 cents! Inflation is one of the reasons why people tend to underestimate how much they need to save for retirement.

Although inflation does have an impact on retirement savings, it is unpredictable and mostly out of a person’s control. As a result, people generally do not center their retirement planning or investments around inflation and instead focus mainly on achieving as large and steady a total return on investment as possible. For people interested in mitigating inflation, there are investments in the U.S. that are specifically designed to counter inflation called Treasury Inflation-Protected Securities and similar investments in other countries that go by different names. Also, gold and other commodities are traditionally favored as protection against inflation, as are dividend-paying stocks as opposed to short-term bonds.

Our Retirement Calculator can help by considering inflation in several calculations. Please visit the Inflation Calculator for more information about inflation or to do calculations involving inflation.

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Average Cost Of Medicare Supplement Insurance Plans From Mutual Of Omaha

Several factors that influence the cost of Mutual of Omahas Medigap plans, including age, gender and location. This can make it difficult to nail down an exact cost of a plan without checking for it in your region. But overall, plans tend to hover around the $100-per-month range.

Plans that handle more of Original Medicares costs typically will have higher monthly premiums. So, be sure to compare not just what different plans in your area cover but the difference in premiums as well.

Mutual Of Omaha Reverse Mortgage Complaints

The Better Business Bureau gives Mutual of Omaha Mortgage an A+ rating. Consumer reviews on the BBB site average 3.18 out of 5 stars, but the reviews do not specifically address reverse mortgages.

Mutual of Omaha Reverse Mortgage scores 4.86 out of 5 stars on SocialSurvey and 4.8 out of 5 from ConsumersAdvocate. ConsumerAffairs provides no star rating but notes the companys financial stability makes Mutual of Omaha Reverse Mortgage a good choice for these loans.

The parent company, Mutual of Omaha Insurance, gets an A1 financial strength rating from Moodys and an A+ AM Best rating.

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How Long Will My Money Last With Systematic Withdrawals

You have worked hard to accumulate your savings. Use this calculator to determine how long those funds will last given regular withdrawals.

This information may help you analyze your financial planning needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. This service shall not infer that company assumes any fiduciary duties. In addition, such service should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

Mutual Of Omaha & Medicare Supplement Insurance Plans

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Mutual of Omaha offers several different types of Medicare Supplement plans, which are used to help handle some of the costs that Original Medicare doesn’t cover, including deductibles, copayments and coinsurance. Mutual of Omaha is a national company with plans available across the United States.

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Mutual Of Omaha Ratings Reviews Customer Satisfaction And Complaints

When deciding whether Mutual of Omaha is right for you, its important to evaluate customer reviews and the insurers financial strength. After all, youll likely want to work with a life insurance company capable of paying your beneficiaries a death benefit decades down the road.Mutual of Omahas reviews are positive, with high scores from leading industry rating providers, like AM Best, J.D. Power and Moodys.

Mutual of Omaha life Insurance Ratings

Type of rating
J.D. Power U.S. Life insurance Study score 789/1,000

Mutual Of Omaha Customer Satisfaction

There are a total of 11 complaints regarding long-term care insurance filed against Mutual of Omaha, according to the NAIC. This gives the firm a complaint ratio of 0.42 for long-term care insurance complaints, which means they have fewer than average.

Mutual of Omaha received an A+ rating from the Better Business Bureau.

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When Are You Too Old To Buy Life Insurance

Seniors have access to the same types of life insurance as anyone else. This includes term life, whole life and universal life insurance.

Term life insurance is available through age 80, although the length of the level term period available will get shorter, especially as you enter your late 50s.

Cash value life insurance policies can be obtained with some companies through age 85, but other insurers have lower maximum ages.

What Can A Senior Do If They No Longer Need Their Life Insurance

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The life insurance you bought years ago may no longer serve a good purpose for you. Maybe your children are financially independent, or another life change has altered your need for insurance. Instead of walking away from the policy or taking the surrender value, some seniors opt to sell their policies in a life settlement.

A life settlement is the sale of a policy to a third party, who becomes the policy owner. In a life settlement transaction you can typically get more than the policys surrender value but less than its death benefit. The new owners will make themselves the beneficiary.

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Mutual Of Omaha Reverse Mortgage Mobile App

Mutual of Omaha Reverse Mortgage was the first in the industry to offer a free mobile app for Android and iOS. The app is a valuable communication tool for reverse mortgage clients, family members, financial advisors and HECM specialists.

Use the app to learn about the reverse mortgage programs offered and start the loan application process. Paperwork is streamlined by uploading photos and documents using the app. Other features include:

  • Loan milestone notifications keep you informed of your reverse mortgage loan status.
  • Communicate real-time with your loan officer or real estate agent with the built-in chat.
  • Mortgage calculators provide a variety of calculations for HECM for Purchase and other reverse mortgages.

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