Committed to helping you plan a comfortable retirement
Careful retirement planning today is essential to have when you retire. But when it comes to retirement planning, there are a lot of options. The Insurancenter can help you plan for your retirement years with a wide variety of investment vehicles and insurance products.
Individual Retirement Accounts (IRAs)
An IRA is a tool you can use to save money for retirement that offers tax advantages. There are a few different kinds of IRAs.
Traditional IRA — In 2011, up to $5,000 of your annual contributions to a traditional IRA may be deductible. Also, amounts in your traditional IRA — including earnings and gains — are not taxed until they are distributed.
Roth IRA — Your eligibility for a Roth IRA depends on your income level. Unlike a traditional IRA, you can not deduct contributions to a Roth IRA. If you meet the requirements, however, qualified distributions can be made tax-free.
SIMPLE IRA Plan — A SIMPLE IRA plan (savings incentive match plan for employers) allows both employees and employers to contribute to traditional IRAs set up for employees. It is an ideal plan for small employers not currently offering a retirement plan.
You can learn more about IRAs and other retirement plans on the IRS.gov website.
Annuities
An annuity is an agreement between you and an insurance company, under which you make a lump-sum payment or series of payments. In return, the insurer makes retirement income payments to you that can begin immediately with the purchase of an annuity or be deferred to some time in the future. Annuities typically offer tax-deferred growth of earnings.
401(k)
A 401(k) allows you to set aside part of your income today until you retire. You can choose how much money you want to set aside now, up to the maximum amount set annually by the federal government. With a 401(k), you can:
- Place a portion of your taxable income into your retirement savings tax-free, allowing you to save more of what you earn today.
- Access 401(k) funds for certain expenses, such as purchasing a home, college tuition or other hardship. (Funds used for these expenses will be taxed by the government.)
- Protect your social security contributions and benefits. (Your 401(k) will not affect these benefits.)
- Rollover your 401(k) from job-to-job, so you can take your retirement savings with you and keep everything in one place.
Long-term care insurance
Long-term care is “medically necessary assistance, recommended by a physician for the treatment of a chronic illness or debilitating injury on a long term basis. Recovery is usually not expected. Care is oriented toward helping a person function, not toward a cure." Long-term care is typically not covered by your health plan, disability coverage or Medicare. Medicaid does cover long-term care, but only after you have used up your assets paying for care.
Get connected with an Insurancenter specialist to find the right retirement plan for you. Call 800-444-8675 or fill out our simple online form and we will respond within 24 hours.