Financial Services

How do you answer these questions?

• Are you going to have enough money to fund your own retirement?
       Your child's education? That second home?
• If you become disabled, will you have enough income to sustain your current lifestyle
       and still pay the extra medical costs?
• If you die a premature death, will your survivors have enough to live on?
       Will their lifestyle be sacrificed?
• Are you paying more than you have to in taxes?
• Are you accounting for the bite that inflation will take out of your savings and investments?
• Do you know where you stand financially and where you are going?
•          Do you find that inflation, changing tax laws, fluctuating interest rates and the variety of financial products on the market
               make it hard to know what to do next?

If the answers to any of these questions trouble you, then we can provide you with a financial profile that takes into account how you feel about money and the special needs, concerns, and desire you have about your money and your future.

Some of the products you might wish to consider:

•          Traditional IRA
•          IRA Rollover
•          Roth IRA
•          Education IRA
•          529 College Savings Plan
•          Annuity
•          Employer Retirement Plans (i.e. 401 (k) plans, etc., see Business/Qualified Retirement Plans
•          Variable Universal Life Insurance, see Life/Health Insurance

Traditional IRA: This is a tax favored account that allows anyone under the ago of 70 1/2 who has earned income from employment to contribute up to $3,000/year, and is subject to certain income conditions. These contributions are tax deductible, though earnings are tax-deferred. Withdrawals are taxable and are required to begin at the age of 70 1/2. If you withdraw from the account prior to age 59 1/2 a tax penalty may apply and there are federal restrictions.*

IRA Rollover: This is a tax favored account which savings are transferred from an existing, qualified retirement plan (i.e. 401 (k) plan) to a Traditional IRA. Though contributions and withdrawals follow the guidelines as a Traditional IRA.*

Roth IRA: This is a tax favored account that allows anyone, regardless of age, with earned income from employment to contribute up to $3,000/year, and is subject to certain income conditions. Contributions are not tax deductible. Earnings are tax deferred. Withdrawals are tax-free under certain conditions, but if you withdraw from the account prior to age 59 1/2 a tax penalty may apply and there are federal restrictions.*

Education IRA: A tax favored account that allows anyone to contribute on behalf of a child. These contributions can not exceed $2000/child per year. Limitations do exist on the contribution of any one person.*

529 College Savings Plan: This is a national college savings program authorized and created under Section 529 of the IRS code that enables individuals to save and invest on a tax deferred basis at a variable rate of return to fund college or graduate school expenses. Parents, grandparents and others are able to contribute up to $10,000/year per beneficiary.*

Annuity: This is a contract with an insurance company that you agree to deposit a specific amount of money with that insurance company. The insurance company agrees to pay a fixed rate of interest on your funds, as long as the contract exists. The interest you earn accumulates as tax deferred. Also available are variable annuities which pay a variable rate of return. Withdrawals are taxable and if you withdraw from the account prior to age 59 1/2 a tax penalty may apply and there are federal restrictions.* Learn more about annuities here.

*Our agency does not provide legal or tax advice. For specific legal or tax advice based on your situation, please contact your attorney of tax advisor.