A Roth individual retirement annuity (Roth IRA) is a type of IRA where earnings are tax-deferred and premium payments are not tax-deductible. In addition, if certain conditions are met, the earnings will be tax-free. To establish a Roth IRA, you must meet income eligibility requirements.
Roth IRAs have annual premium payment limits that are the same as traditional IRAs and can be further limited if payments are also made to a traditional IRA. Your total payments (to Roth and traditional IRAs) may not exceed the limit established by the IRS for that year.
Horace Mann Life Insurance Company underwrites Horace Mann annuities. Annuities should be considered long-term investments. If you take your money out early, you could be subject to an additional 10 percent federal income tax. You should consult with your tax advisor regarding any tax-favored products. While you can receive the benefits of tax deferral in any product used in a tax-favored retirement plan, an annuity offers additional benefits. In order to offer these benefits there are additional charges and fees included in the annuity.