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 IRAIRA RolloverRoth IRAEducation IRA529 College Savings PlanAnnuityMutual FundsEmployer 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.*

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 moneyin 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 of tax advisor.

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