Financial Services Common sense planning for the future! We
offer a range of products to help you build and secure your future. Whether
your financial future includes paying college tuition, purchasing a new
home or retiring with security, we look forward to helping you reach your
goals.
Traditional
IRA: This is a tax favored account that allows anyone under
the age of 70 1/2 who has earned income from employment to contribute
up to $3,000 per 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 per year, and is subject to certain income conditions. Contributions are not tax deductible and 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 per 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 per 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.* Mutual Funds: This is an open-end management investment company that combines the money of many investors and hires an investment manager to invest that money in an attempt to gain one or more financial objectives. These financial objectives can be classified as current income, capital growth and capitol preservation.* *Our agency does not provide legal or tax advice. For specific legal or tax advice based on your situation, please contact your attorney or tax advisor. |
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