IRA, Roth IRA, Sep IRA – These Individual Retirement Accounts (IRA) provide tax advantages for retirement savings. The IRS allows a maximum contribution each year which you are allowed to contribute to these accounts.
403(b) TSA - A tax-sheltered annuity is a type of investment that allows employees to make pre-tax contributions into a retirement account. The IRS does not tax these contributions until the employee withdraws from the account. Employers can also contribute to this account, so the employee benefits from having additional tax-free funds accruing.
Pension/Profit Sharing - A pension is a type of retirement-savings plan, typically employer-funded, that contributes to an employee’s retirement funds.
401(k) – A 401(k) is an employer-sponsored retirement savings plan that allows employees to set a percentage of their income to be automatically taken out of each paycheck and invested in their account.
Ways to plan for your future as a business owner or indvidual:
Executive Benefits
Deferred Compensation Plans
Key-Man Plans
Split Dollar Arrangements
SEP Plans / SAR SEPs
Flexible Premium Annuity
Annuities: Indexed or Fixed Rate
What is a rollover?
A rollover is when funds from an existing retirement account are transferred to a new retirement account. The purpose of a rollover is to avoid any fees or tax penalties that may exist if you were to simply withdraw those funds.
Rolling over a 401(k) into an Individual Retirement Account (IRA) is an increasingly popular option. The account will be an individual account, and you have a plethera of options with institutions and plans to choose from, as opposed to being limited by an employer-sponsored plan. You can make a direct rollover, which allows you to transfer funds directly from the existing 401(k) to the new IRA.
To rollover your 401(k) to an IRA, contact a specialist today.
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Each type of annuity has its own features and benefits, and understanding the differences is crucial in making informed decisions tailored to individual financial goals and risk tolerance levels.