WHY WORK WITH US ON YOUR RETIREMENT?:
We are an Independent Agency, offering many options. We work with you using a personal needs-based approach, rather than a “cookie-cutter” or a “one-size-fits-all” approach. We help assess your tolerance for risk and create a quantifiable, actionable financial goal based on what’s important to you and your family.
401k ROLLOVER:
A 401k rollover is when you direct the transfer of the money in your retirement account to a new plan or IRA. Depending upon how the funds are held in the 401k, its best to consult with us before making any decisions. The original fund custodian will draft a check or wire transfer made out to the new account custodian, and not to the account holder. The purpose of a rollover is to maintain the tax-deferred status of those assets without creating a taxable event or incurring penalties.
IRA ACCOUNT TRANSFER/ROLLOVER:
A direct IRA transfer allows a retirement saver to transfer funds from one qualified IRA to another qualified IRA. The original fund custodian will draft a check or wire transfer made out to the new account custodian, and not to the account holder. The purpose of a rollover is to maintain the tax-deferred status of those assets without creating a taxable event or incurring penalties.
SEP IRA ACCOUNT TRANSFER/ROLLOVER:
A direct SEP IRA transfer allows a retirement saver to transfer funds from one SEP IRA to another SEP IRA. The original fund custodian will draft a check or wire transfer made out to the new account custodian, and not to the account holder. The purpose of a rollover is to maintain the tax-deferred status of those assets without creating a taxable event or incurring penalties.
ROTH IRA ACCOUNT TRANSFER:
A direct ROTH transfer allows a retirement saver to transfer funds from one ROTH to another ROTH. The original fund custodian will draft a check or wire transfer made out to the new account custodian, and not to the account holder. The purpose of a rollover is to maintain the tax-deferred status of those assets without creating a taxable event or incurring penalties.
IRA CONTRIBUTIONS (TAX DEDUCTIBLE):
For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than: $6,000 ($7,000 if you’re age 50 or older), or. your taxable compensation for the year, if your compensation was less than this dollar limit
ROTH IRA CONTRIBUTIONS:
For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than: $6,000 ($7,000 if you’re age 50 or older), or. your taxable compensation for the year, if your compensation was less than this dollar limit.
SEP IRA CONTRIBUTIONS (TAX DEDUCTIBLE):
SEP plans (that are not SARSEPs) only allow employer contributions. For a self-employed individual, contributions are limited to 25% of your net earnings from self-employment (not including contributions for yourself), up to $57,000 (for 2020; $56,000 for 2019).
NON-QUALIFIED (CASH) CONTRIBUTIONS:
A non-qualified account is funded with after-tax dollars, meaning you have already paid taxes on the money before it goes into the annuity. When you take money out, only the earnings are taxable as ordinary income.
ANNUITIES:
Annuities provide the utmost security. Also, annuities have great tax benefits. Benefits are tax-deferred until you start to withdraw. There are many different types of Annuities available. Consult with us to see if they are right for you.
