Annuity

An annuity is a very unique financial product that offers guarantees of principal and income. They can be useful if you have concerns about running out of money or losing money.

Fixed Annuity

A fixed annuity is a financial product that guarantees principal and pays a stated interest rate. One nice feature of fixed annuities is they grow tax-deferred.

Variable Annuity

A variable annuity is a financial product that grows based on the performance of the chosen subaccounts. The value may go up or down in the account, and like all annuities the earnings grow tax-deferred.

401 K

A 401(k) is particular savings program offered by many employers. 401(k) plans allow employees to invest in different kinds of mutual fund accounts on a pre-tax basis. Some of the attractive features of 401(k)s are that contributions are automatically withdrawn from employee paychecks and oftentimes matched by employers.

An individual retirement account (IRA)

An IRA allows you to save money for retirement and get a tax deduction and any earnings can potentially grow tax-deferred until you withdraw them in retirement. They are one of the most popular retirement savings vehicles. There are many different investments that can fund IRA’s but typically investors use mutual funds.

ROTH IRA

A ROTH IRA is a popular way to save money for retirement. These programs are not tax-deductible, however once you make a contribution your earnings are never taxed (as long as you hold the account for five years). Like regular IRA’s there are many different investments that can fund these programs, however mutual funds are often utilized.

Roth IRA Conversions

A Roth conversion occurs when you move assets from a Traditional, SEP or SIMPLE IRA (collectively referred to as a Traditional IRA in this article) or qualified employer sponsored retirement plan (QRP) — such as a 401(k), 403(b), or governmental 457(b) — and reposition them to a Roth IRA. This creates an immediate taxable situation, however once the funds are in the Roth IRA the interest will no longer be taxed (assuming you wait five years).

LTC Insurance

Long-term care (LTC) insurance is coverage that provides nursing-home care, home-health care, and personal or adult daycare for individuals age with a chronic or disabling condition that needs constant supervision. BEnefits are triggered when 2 out of 6 Activities of daily living can not be performed. These include: bathing, dressing, toileting, transferring, eating and maintaining continence. Additionally if someone is deemed to have cognitive impairments they can qualify for benefits as well.

Trusts

A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets…

Estate Planning

Estate Planning involves setting up a plan that establishes who will eventually receive your assets. It also makes known how you want your affairs to be handled in the event you are unable to handle them on your own for any reason. Oftentimes people believe estate planning is only necessary if you are wealthy, however it is important for everyone. If you don’t create your own estate plan the state in which you live will have an estate plan for you.

Required Minimum Distributions

The year after you turn 72 a person is required to take a minimum distribution from their traditional IRA or any other qualified plan.

Self Directed IRA

Explanation coming soon

Pension

The year after you turn 72 a person is required to take a minimum distribution from their traditional IRA or any other qualified plan.

SEP-IRA

A Simplified Employee Pension IRA is a retirement savings plan established by employers and easy to set up.  Employers make tax deductible contributions on behalf of employee’s. Employee’s make no contributions and each employee is 100% vested immediately.

457 Plan

A 457 plan is a employee retirement plan offered by state, local government and some non-profit employers. They grow taxed deferred and like a 401k will be taxable when money is withdrawn. Employers can also match contributions.