- Roth IRAIf you’re looking to save money for retirement, you may already be familiar with employer-sponsored 401(k) plans or other retirement plans, which are designed to help you either defer taxes or pay lower taxes later in life. These types of accounts encourage people to start saving for their Golden Years in ways that create the most financial benefit. So, how should IRAs fit into your overall retirement-saving plan? In most cases, both Traditional IRAs and Roth IRAs offer great tax-savings benefits. However, the amount you’re allowed to contribute is relatively low compared to other retirement savings plans. When investing in an IRA, consider these rules, limits and requirements – before deciding which type of investment is best for you.
- Tax DeferralIf you are purchasing an annuity to fund any tax-qualified retirement plan (IRA), you should be aware that this tax-deferral feature is available with any investment vehicle and is not unique to an annuity. Carefully consider the features and benefits of the annuity before making the decision to purchase. The guarantee of the annuity is backed by the claims paying ability of the issuing insurance company. Index annuities are insurance contracts that, depending on the contract, may offer a guaranteed annual interest rate and some participation growth, if any, of a stock market index. Such contracts have substantial variation in terms, costs of guarantees and features and may cap participation or returns in significant ways. Any guarantees offered are backed by the financial strength of the insurance company, not an outside entity. Investors are cautioned to carefully review an index annuity for its features, costs, risks and how the variables are calculated. Distributions from traditional IRA’s and employer sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59 1/2, may be subject to an additional 10% IRS tax penalty. All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.
- Mutual FundsTax-deferred annuities are offered by insurance carriers. One advantage is tax-deferred growth, regardless of your tax bracket or your earned income. Second, they also bypass probate and pass directly to a beneficiary in the event of the owner’s death. Third, a variety of annuities let you choose between the features of a fixed annuity, the growth potential of an indexed annuity, and the mutual fund-like features of a variable annuity. Let Cetera Advisor Networks help you to decide which is appropriate for you.
- Bonds
- Financial PlanningClub savings accounts are a smart way to save your money for future goals or for a rainy day. Whether you’re planning your dream vacation or saving for Christmas shopping, a club account is a great addition to your financial planning. Put small savings away each month through payroll deduction, direct deposit or regular deposits to make saving for your goals as simple as can be.
- Retirement PlanningLooking for Retirement Planning Solutions? As Northeast Ohio’s Trusted Credit Union, We Can Explain How IRAs Work – and How They Can Work for You!
- AnnuitiesTo help on a full-service scale, FFCCU partners with Cetera financial advisors who can help with financial planning in a number of areas including tax deferred annuities, asset preservation and Medicaid planning, retirement strategizing and so much more. To learn more and speak with one of our financial partners, visit this page: https://www.ffcommunity.com/member-benefits/financial-planning
- Long Term CareConfused by Medicaid law? That’s the primary cause of asset loss and impoverishment among seniors needing long-term care. Take advantage of the education and planning available through Cetera Advisor Networks, so you won’t needlessly deplete your entire life savings in an attempt to become eligible for Medicaid.
- Asset ProtectionShould your vehicle be claimed as a total loss, or is stolen, Guaranteed Asset Protection (aka GAP) covers the “gap”, or the difference between what your vehicle is worth and what is still owed on the loan. Our GAP coverage also includes $1,000 towards a replacement vehicle when you finance your next car through us. Another added benefit included with GAP is Auto Deductible Reimbursement (ADR). This pays up to $500 per loss when a claim is filed and paid by your primary insurance company.