Check the background of this firm on FINRA's BrokerCheck.
*Tax-deductible payments have eligibility requirements based on income, filing status and participation in other retirement plans. You don't pay income taxes on tax-deductible IRA contributions or any earnings until you withdraw money, which is usually at retirement.
**Qualified annuities can be funded under Internal Revenue Code 403(b), 457(b) or 401(a). A qualified annuity is funded with pre-tax money, which can be done through salary reduction except for Roth contributions. Distributions from a qualified annuity are subject to income tax because the premiums were not taxed before being contributed to the annuity. Any earnings received, from the annuity, except for designated Roth accounts, are also taxable when withdrawn.
Horace Mann Life Insurance Company underwrites Horace
Mann annuity products.
The information provided here is for general informational purposes only, and should not be considered a recommendation or investment, tax or legal advice.
Withdrawals from a 403(b) or 457(b) annuity are restricted by the Internal Revenue Code and may be further restricted by your employer's plan. Generally, you may make a withdrawal from a 403(b) annuity only upon reaching age 59½, severance from employment, disability or certain hardships (if allowed by the plan). Generally, you may make a withdrawal from a 457(b) annuity only upon reaching age 59½, severance from employment, or an unforeseeable emergency (if allowed by the plan). If you take money out before age 59½ you could be subject to a federal penalty tax of 10% (except for 457(b) contracts) in addition to income taxes. This is not intended to be tax advice. You should consult with a tax advisor regarding any tax-favored retirement products and your specific situation.
While you can receive the benefits of tax deferral in any product used in an IRA, an annuity offers additional benefits, including a death benefit and the opportunity to choose lifetime income options. In order to offer these benefits, there may be additional fees included in the annuity. There are no additional tax benefits in an annuity when used in an IRA. Annuities should be considered long-term investments.
The factors which affect your decision to contribute to a traditional or Roth IRA are complicated and can change each year. Contributions to traditional and Roth IRAs are aggregated for purposes of annual limits. If you take money out before age 59 ½, you could be subject to a penalty tax of 10% in addition to income taxes. This is not intended to be tax advice. You should consult with a tax adviser regarding any tax-favored products and your specific situation.
Comments and general market-related projections are based on information available at the time of writing and believed to be accurate; are for informational purposes only, are not intended as individual or specific advice, may not represent the opinions of the entire firm and may not be relied upon for future investing. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decisions.
Horace Mann Life Insurance Company does not endorse, nor is responsible for, any content provided in posts or links on this website. Links to third-party media, articles and/or websites are for general information purposes only and do not constitute an offer or solicitation of any kind. They are not intended, and should not be relied upon, as investment, insurance or financial advice.