Life Insurance & Asset Protection

TRADITIONAL IRA vs. 403b/401k

Features

Traditional IRA

403b / 401k Plans

Who can contribute?

You can contribute if you (or your spouse if filing jointly) have taxable compensation but not after you are age 70 1/2 or older.

You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts (see 2014 and 2015 limits).

Are my contributions tax deductible?

You can deduct your contributions if you qualify.

Your contributions are deductible.

How much can I contribute?

The most that you can contribute to all of your traditional and Roth IRAs is the smaller of:

$5,500 (for 2018) or $6,500 if you’re age 50 or older by the end of the year
Your taxable compensation for the year

$18,500 up to age 50

$24,500 over age 50

What is the deadline to make contributions?

Your tax return filing deadline (not including extensions). For example, you have until April 15, 2015 to make your 2014 contribution.

Contributions must be made through payroll.

When can I withdraw money?

You can withdraw your money at any time. Withdrawals before age 59 1/2 could be subject to an IRS early distribution charge of 10%.

At age 59 1/2, at separation from service, or other qualifying event. Withdrawals before age 59 1/2 could be subject to an IRS early distribution charge of 10%.

Do I have to take required minimum distributions?

You must start taking distributions by April 1 following the year in which you turn age 70 1/2 and by December 31st of later years.

You must start taking distributions by April 1 following the year in which you turn age 70 1/2 and by December 31st of later years unless you are still currently employed by the employer that sponsors your plan.

Life Insurance

Permanent Life Insurance

Permanent Life Insurance plans have no expiration date and are designed to ensure your family will receive the death benefit regardless of when you pass with a savings component. Permanent Life Insurance policies enjoy favorable tax treatment.

The two primary types of Permanent Life Insurance are Whole Life and Universal Life. Whole Life Insurance offers coverage for the full lifetime of the insured, and its savings can grow at a guaranteed rate. Universal Life Insurance also offers a savings element in addition to a death benefit, but it features different types of premium structures and earns based on market performance.

Temporary (Term) Life

Term Life Insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the policy to terminate. Many refer this to "renting insurance."

Asset Protection

Are your retirement accounts, home equity and other assets protected?
What if there's an illness or injury that happens, and your income is affected, will you have to liquidate your assets to pay your mortgage or other bills?

Our financial professionals have plans that can help protect your money and other assets due to the following:

Disability
Terminal Illness
Critical Illness (Cancer, Heart Attack, Stroke, ALS disease, Organ Transplant, Blindness)
Chronic Illness (Long-term Care, In-home Care)
Critical Injury

No one ever likes discussing or planning for sickness, injury, or death. Part of comprehensive financial planning is to ensure that you are properly protected while your retirement assets are growing. One of the main reasons why individuals cannot afford to retire, other than proper savings, is medical expenses and liquidating assets prior to retirement due to unexpected life events.

Our financial professionals can help you personalize a life insurance plan that not only safeguards your family's future but also empowers you to enjoy life more today.

How much life insurance do you need?