Financial Services Common sense planning for the future! We
offer a range of products to help you build and secure your future. Whether
your finanacial future includes paying college tuition, purchasing a new
home or retiring with security, we look forward to helping you reach your
goals.
Some of the products you might wish to consider:
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.*
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.*
*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.
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