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We offer personal professional options to meet your financial planning
investing for retirement is a central goal in an individual financial
program and should include an evaluation of the ultimate impact of
both ordinary income taxes and estate taxes on retirement assets. Even
with the numbers in hand, personal needs and preferences will
influence your final decision.
A traditional IRA is a personal savings plan that gives you tax
advantages for setting aside money for retirement. Contributions you
make to a traditional IRA may be fully or partially deductible,
depending on your circumstances and generally, amounts in your
traditional IRA (including earnings and gains) are not taxed until
distributed. Distributions before age 59 1/2 are subject to an
additional 10% Federal income tax penalty.
The Roth IRA is a type of IRA in which contributions are not
deductible, but distributions (including earnings) can be tax free if
certain conditions are met. Contributions to a Roth IRA are made with
monies on which taxes have already been paid. So the principal amount
is never again subject to taxes or penalties.
You can move money in one traditional IRA to another traditional IRA
without penalty, and without owing income tax on any earnings that may
have accumulated. What you're doing is "rolling over" your IRA.
You may also move assets in an employer-sponsored plan, such as a
401(k), 403(b), or 457 into an IRA if you retire, change jobs, or your
employer ends the plan. Moving the money to an IRA means that your
retirement savings can continue to accumulate tax deferred until you
are ready to begin withdrawals or move the money back into a new
employer's plan. This type of IRA is sometimes known as a "rollover
The 403(b) is a tax deferred retirement plan available to employees of
educational institutions and certain non-profit organizations as
determined by section 501(c)(3) of the Internal Revenue Code.
Contributions and investment earnings in a 403(b) grow tax deferred
until withdrawal (assumed to be retirement), at which time they are
taxed as ordinary income. Withdrawals before age 59 1/2 are subject to
an additional 10% Federal income tax penalty.
A 457 plan is a long-term retirement savings program offered to
employees of state or local governments or certain tax-exempt
organizations. A 457 plan allows you to defer compensation on a
pre-tax basis through payroll deductions and defer federal, and in
some cases, state taxes until you begin receiving annuity payments at
(Simplified Employee Pension)
SEPs provide a simplified method for you to make contributions to a
retirement plan for your employees. Instead of setting up a
profit-sharing or money purchase plan with a trust, you can adopt a
SEP agreement and make contributions directly to a traditional
individual retirement account or a traditional individual retirement
annuity (SEP-IRA) set up for each eligible employee.
Incentive Match Plan for Employees)
Under a SIMPLE
IRA plan, employees and employers make contributions to traditional
Individual Retirement Arrangements (IRAs) set up for employees
(including self-employed individuals), subject to certain limits. It
is ideally suited as a start-up retirement savings plan for small
employers who do not currently sponsor a retirement plan. Because
this is a simplified plan, the administrative costs should be lower
than for other, more complex plans.
Investment options that can help you plan for your child's education
529 College Saving Plan
A 529 College
Savings Plan is a state-sponsored, tax-advantaged savings plan that
can help families and individuals save for higher education expenses.
These plans offer a number of benefits, including tax-deferred growth
and federal income tax-free withdrawals when used for qualified
Earnings not used for qualified education purposes are subject to
ordinary income tax and an additional 10% federal tax penalty. Participation
in a 529 College Savings Plan (529 Plan) does not guarantee that
contributions and investment return on contributions, if any, will be
adequate to cover future tuition and other higher education expenses
or that a beneficiary will be admitted to or permitted to continue to
attend an institution of higher education.
Contributors to the program assume all investment risk,
including potential loss of principal and liability for penalties such
as those levied for non-educational withdrawals.
In addition to the federal tax benefit, many states offer a state
income tax deduction for contributions to their plans as well as state
income tax-free withdrawals for qualified expenses. 529 Plans are issued by state governments. Your state
plan may offer tax advantages over those of another state. Depending
upon the laws of the home state of the customer or designated
beneficiary, favorable state tax treatment or other benefits offered
by such home state for investing in 529 college savings plans may be
available only if the customer invests in the home state’s 529
college savings plan; any
state-based benefit offered with respect to a particular 529 college
savings plan should be one of many appropriately weighted factors to
be considered in making an investment decision; and the customer
should consult with his or her financial, tax or other adviser to
learn more about how state-based benefits (including any limitations)
would apply to the customer’s specific circumstances and also may
wish to contact his or her home state or any other 529 college savings
plan to learn more about the features, benefits, and limitations of
that state's 529 College savings plan.
529 Plans are
sold by offering statement. Carefully consider a fund’s investment
objectives, risks, charges and expenses associated with municipal fund
securities before investing. This and other information is contained
in the offering statement available from your representative. Read the
offering statement carefully before investing.
Coverdell ESA (Education Savings Account)
A Coverdell ESA
is a trust or custodial account created or organized in the United
States only for the purpose of paying the qualified education expenses
of the designated beneficiary of the account. When the account is
established, the designated beneficiary must be under age 18 or a
special needs beneficiary. The Coverdell account can be used for
grades K-12, as well as for college education and beyond (until your
child is 30 years old). The money in a Coverdell account can be used
for tuition to any private elementary, middle, or high school.
are funded with after-tax money so contributions are not deductible,
but investment earnings accrue tax-free and withdrawals for qualified
education expenses are exempt from federal taxes, as long as withdrawn
for qualified education expenses.
of Insurance is right for you?
Term Life Insurance
This is life insurance you buy for a specific period of time, usually
5, 10, 15, 20 or 30 years. It pays the amount of the policy to your
beneficiary if you die before the end of this period. By buying a
longer term policy, your costs can be stretched out to avoid the
annual increases found in non-guaranteed term life. At
the end of the Level Term Period, coverage ends.
Whole Life or Ordinary Life
Whole life policies stretch the cost of insurance out over a longer
period of time in order to level out the otherwise increasing cost of
insurance. In this case, however, it is spread not over a few years
but over your entire life. Your excess premium dollars are invested in
the company's general portfolio. This
type of policy builds cash value and has loan provisions.
This option offers greater flexibility than whole or term life. After
your initial payment, you can reduce or increase the amount of your
death benefit (although to increase the amount, you'll probably have
to give the insurance company medical proof that you are still in good
health). Also, after your initial payment, you can pay premiums any
time, in almost any amount within the policy's required minimums and
There are both Universal and Whole Life versions of Variable Life.
This option provides death benefits and cash values that fluctuate
with the performance of the insurance company's portfolio of
investments (you'll receive a prospectus along with your policy). The
cash value is not guaranteed, but you get to choose where your premium
dollars go among the variety of investments in the portfolio. Extra
premiums may be necessary to maintain the policy.
You can also take
loans against the cash value of your policy, but if you don't pay them
back with interest, your beneficiaries will receive a reduced death
benefit. Carefully consider the investment objectives, risks,
charges and expenses of a sub account before investing. This and
other information is contained in the prospectus available from your
registered representative. Read the prospectus carefully before
Disability insurance can offer a financial safety net
there may be expenses for medical costs, debts and final expenses upon
When you're unable to work for an extended period of time because of
an injury or illness, it pays monthly benefits until you are well
enough to return to work.
Long Term Care
Long Term Care provides for the day-in, day-out assistance you need
when a serious illness or disability renders you unable, physically or
cognitively, to care for yourself for a lengthy period of time. Long
Term Care can be provided at home or at a nursing facility, assisted
living or alternate care facilities.