Retirement & College Planning

LIFE | SUPPLEMENTAL | DISABILITY | HEALTH | TRAVEL

Individual and Group Options

Do you have enough money to retire, put your child through college?

These are key questions we all have to ask during our working years.  Having a good plan on investing your money will help build that nest egg for later.  I’m sure when you retire you want to use the money to travel or just be financially stable with a limited income. If you have kids and they want to go to college you want to make sure they can achieve that dream.  Our agents have viable options with different benefits to help you achieve your goals.

We offer these services, which are explained a little more below.  Annuities, IRA, Roth IRA, and College Savings.  You can use insurance to help protect yourself from financial ruin by paying for the situations you face without having to borrow against your savings.

Products and Services

Annuities

An annuity is a financial product that provides a steady income stream, typically for retirement.  You pay a lump sum or a series of payments to an insurance company.  Your money grows tax-deferred over time. Some annuities offer investment options, while others provide a guaranteed growth rate.  You can convert the annuity into periodic payments that can last for a specific period or for your lifetime. This can start immediately or at a future date.  There are a variety of annuity options which all should be looked at so you can choose what’s right for you.  There are fixed, variable, immediate, deferred, and indexed.

IRA / Roth IRA

An IRA, or Individual Retirement Account, is a type of personal retirement savings account that provides tax benefits for saving for retirement. Contributions might be tax-deductible depending on your income, employment status, and whether you or your spouse are covered by a retirement plan at work. Earnings grow tax-deferred; you pay taxes on withdrawals in retirement. Withdrawals in retirement are taxed as ordinary income. There are penalties for withdrawals before age 59½, with some exceptions.  A Roth IRA contributions are made with after-tax dollars, no immediate tax deduction. Qualified withdrawals in retirement, including earnings, are tax-free. No mandatory withdrawals at any age; contributions can be withdrawn anytime tax-free and penalty-free, but earnings withdrawn before certain conditions are met might be taxed or penalized.  You can start an IRA at any age.  There are annual limits on how much you can contribute to IRAs, which are adjusted for inflation each year. For example, in 2023, the limit was $6,500, with an additional $1,000 catch-up contribution for those 50 and older.

College Savings Plans

College savings plans are designed to help families save for future education expenses in a tax-advantaged way.  These state-sponsored plans allow you to save for future educational expenses with tax benefits.  Earnings grow tax-free, and qualified withdrawals for education expenses (tuition, fees, books, room and board) are not taxed at the federal level. Some states also offer tax deductions or credits for contributions.  Funds can be used at any accredited college, university, or vocational school in the U.S., and some plans allow for use at foreign institutions. You can also use up to $10,000 per year per beneficiary for K-12 tuition in some states.  The account owner retains control, can change the beneficiary, and can even roll over unused funds into a Roth IRA under certain conditions set by SECURE 2.0 (up to $35,000 lifetime maximum).