Retirement Pension Planning Insurance

The continuous advancement of modern medical technology has led to an increase in human longevity. However, approximately 60% of American retirement households have retirement savings of less than $50,000, with many individuals lacking a clear savings plan. Planning for retirement funds to support a comfortable retired life has become the primary need for retired families.

The continuous advancement of modern medical technology has led to an increase in human longevity. However, approximately 60% of American retirement households have retirement savings of less than $50,000, with many individuals lacking a clear savings plan. Planning for retirement funds to support a comfortable retired life has become the primary need for retired families.

 Retirement Pension Planning Insurance

The continuous advancement of modern medical technology has led to an increase in human longevity. However, approximately 60% of American retirement households have retirement savings of less than $50,000, with many individuals lacking a clear savings plan. Planning for retirement funds to support a comfortable retired life has become the primary need for retired families.

The continuous advancement of modern medical technology has led to an increase in human longevity. However, approximately 60% of American retirement households have retirement savings of less than $50,000, with many individuals lacking a clear savings plan. Planning for retirement funds to support a comfortable retired life has become the primary need for retired families.

Types of Retirement Planning Insurance Products

Types of Retirement Planning Insurance Products. An IRA (Individual Retirement Account) is a tax-advantaged personal long-term retirement savings account.In today’s market, there is a wide array of IRA account options available. ABC Financial Insurance offers a diverse range of annuity and retirement account products, allowing us to tailor comprehensive savings plans to meet the unique financial situations and needs of retired families.

Four Key Features of Traditional IRA

  • Tax Deduction and Income Tax Reduction: Traditional IRA allows for the deduction and reduction of income taxes in the current year. The funds in the account grow tax-deferred, enabling the opportunity to accumulate greater retirement income through compound growth.
  • Multiple Options Based on Client’s Situation: There are various choices available based on the client’s circumstances. According to IRS regulations, there is a maximum limit on the amount that can be contributed. The maximum contribution limit varies each year.
  • Capital Preservation with Unlimited Growth Potential: Traditional IRA offers the assurance of preserving the principal amount while providing unlimited growth potential through diverse appreciation methods. It guarantees a stable lifetime income, ensuring worry-free retirement for clients.
  • Eligibility for Government Subsidized Health Insurance: If enrolled in government-subsidized health insurance, Traditional IRA can also lower the reported household income for health insurance coverage, thereby potentially qualifying for increased premium subsidies. Additionally, it presents an opportunity to enhance insurance benefits.

IRA

  • It is the most common type of individual retirement account. Every taxpayer with income is eligible to open this retirement account, which allows for the deduction of current-year income taxes. The account funds benefit from the advantage of compound growth, with a 10% penalty for withdrawals before age 59 ½. Required minimum distributions must begin at age 70 ½, and there are tax reporting and limit requirements for withdrawals. The annual contribution limit varies based on age calculations.

IRA

  • It is the most common type of individual retirement account. Every taxpayer with income is eligible to open this retirement account, which allows for the deduction of current-year income taxes. The account funds benefit from the advantage of compound growth, with a 10% penalty for withdrawals before age 59 ½. Required minimum distributions must begin at age 70 ½, and there are tax reporting and limit requirements for withdrawals. The annual contribution limit varies based on age calculations.

Roth IRA

  • Roth IRA is a commonly used retirement account that is available to every taxpayer with income. However, individuals with high income levels may not be eligible to open a Roth IRA, as it does not provide income tax deductions in the current year. The funds in the account have the advantage of compounding growth, and the interest earned is also tax-free. The contribution limits for a Roth IRA are the same as those for a traditional IRA.

Roth IRA

  • Roth IRA is a commonly used retirement account that is available to every taxpayer with income. However, individuals with high income levels may not be eligible to open a Roth IRA, as it does not provide income tax deductions in the current year. The funds in the account have the advantage of compounding growth, and the interest earned is also tax-free. The contribution limits for a Roth IRA are the same as those for a traditional IRA.

Non- Qualified

  • Non-Qualified retirement accounts, also commonly referred to as Non-Qualified annuity accounts, are retirement accounts opened with after-tax money. These accounts typically involve higher amounts of money, and the interest earned in the account is subject to deferred taxation. Withdrawals must begin by age 70 ½, and there is a penalty for withdrawals made before age 59 ½. However, certain insurance companies may offer contracts that allow penalty-free withdrawals up to a certain amount before reaching 59 ½.

Non- Qualified

  • Non-Qualified retirement accounts, also commonly referred to as Non-Qualified annuity accounts, are retirement accounts opened with after-tax money. These accounts typically involve higher amounts of money, and the interest earned in the account is subject to deferred taxation. Withdrawals must begin by age 70 ½, and there is a penalty for withdrawals made before age 59 ½. However, certain insurance companies may offer contracts that allow penalty-free withdrawals up to a certain amount before reaching 59 ½.

Simple IRA

  • Simplified Employee Pension (SEP) IRA is a retirement account designed to benefit employees and self-employed individuals, particularly favored by small business owners with fewer than 100 employees. It falls under the “Savings Incentive Match Plan for Employees” category. With a SEP IRA, the annual savings amount is typically lower than that of a 401(k) plan, and there are no third-party expenses involved, making it highly favored among small business owners.

Simple IRA

  • Simplified Employee Pension (SEP) IRA is a retirement account designed to benefit employees and self-employed individuals, particularly favored by small business owners with fewer than 100 employees. It falls under the “Savings Incentive Match Plan for Employees” category. With a SEP IRA, the annual savings amount is typically lower than that of a 401(k) plan, and there are no third-party expenses involved, making it highly favored among small business owners.

SEP IRA

  • A Simplified Employee Pension (SEP) is a retirement account commonly used by self-employed individuals and can also serve as a retirement account for employees. It allows for an annual tax-deductible contribution of up to 25% of taxable income, with a maximum limit. Compared to a 401(k) plan, a SEP IRA offers greater flexibility and does not involve any third-party fees.

SEP IRA

  • A Simplified Employee Pension (SEP) is a retirement account commonly used by self-employed individuals and can also serve as a retirement account for employees. It allows for an annual tax-deductible contribution of up to 25% of taxable income, with a maximum limit. Compared to a 401(k) plan, a SEP IRA offers greater flexibility and does not involve any third-party fees.

The Advantages of Harvest Financial Group

  • Every one of our financial planners possesses professional licenses and extensive experience in serving clients. For our corporate clients, we provide efficient and professional services at every step, ensuring your needs are met with the utmost care. Additionally, you can enjoy complimentary extra services such as risk management, access to professional resources, and participation in industry events. With Harvest Financial, your business is in capable hands, receiving exceptional value and comprehensive support.

  • We offer top-tier annuity and retirement plan products from A+ rated insurance companies. In comparison to products offered by banks and investment institutions, our annuity and retirement plans provided by us present a range of advantages: low account opening requirements, zero transaction fees, no management fees, competitive interest rates, and the added benefit of investment principal protection. With Harvest Financial, you can experience a higher standard of excellence and enjoy a truly rewarding financial future.

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