Get Ready for Retirement
with a 457(b) Plan
If you're an employee of a state or local government, get ready for your retirement by contributing to a 457(b) retirement account.
We are the Choice for Retirement
We will tailor a retirement savings program that will take into consideration your current savings and your future retirement needs. Have the peace of mind that you are contributing to a financial product that is protected and backed by a company with decades of experience.
A better tomorrow starts with understanding today.
We know know those in public service have unique needs. If you are a civil servant, municipal employee, or law enforcement officer, it's important for you to take the time to learn about your investment vehicle options. Take control of your future and safeguard your golden years with a reliable retirement strategy.
Starting Out
When you take the time to plan for your financial future, retirement can provide an opportunity to do what you have always wanted to do. Without proper planning, retirement could mean working instead of spending time with loved ones or cutting back on your lifestyle.
Juggling Midlife
Now is the time to plan and save. You can take control of your retirement security by contributing to a retirement savings plan in the form of a 457(b) plan. Your retirement savings can grow with you through the years and can be transferred to other employer plans or into a traditional IRA if needed.
Your Next Chapter
Will your retirement income cover increasing retirement expenses? Many public service employees will experience a significant drop in income when they retire, even though they may be covered under a pension plan. Chances are a state pension is not enough. Make sure your savings and future income are protected so you can enjoy the latter chapters of your life.
How does a 457(b) help?
We all want to know that we’ve got enough to retire on. But the truth is, your pension and Social Security may not be enough. A 457(b) plan can work with your pension to cover any income shortfalls and grow your savings to achieve your retirement goals.
To learn more about 457(b) plans, see the FAQ section below or schedule a free consultation below.
457(b) Frequently Asked Questions
What is a 457(b) plan?
A 457(b) is a tax-deferred savings plan for government employees. The 457(b) plan is closely related to a 401(k) plan and allows users to save money for retirement through payroll deductions. The 457(b) savings vehicle is also available for employees of charities and unions as well as some independent contractors employed by government bodies.
What is the difference between a Traditional and Roth 457(b) plan?
The two types of 457(b) plans available are Traditional 457(b) and Roth 457(b) plans. The main difference between the two lies in when taxes are paid. A Traditional 457(b) has taxes paid on the back end when the money is withdrawn- allowing pretax funds to grow in the account until the withdrawal date. A Roth 457(b) has taxes paid on the front end only allowing after-tax money to be deposited into the account. However once taxes are initially paid on the funds deposited into a Roth, there will be no further taxes required on the plan principal or profit accumulated.
How do I contribute to a 457(b) plan?
Contributions are made through payroll and a salary reduction agreement. Once set up, the contributions will come directly out of your paycheck from your employer and be deposited in the account. It is not permitted to contribute to a 457(b) plan from a checking or savings account.
When can I make withdrawals?
You can withdrawal your savings as soon as you stop working for your sponsored employer regardless of your age. If you are still employed, you can start taking withdrawals at age 70 1/2 with no tax penalties.
How confident are you about having a comfortable retirement?
Believe it or not, it is more common than not to feel a little apprehensive about your years in retirement. Why? Because retirement comes with its own financial challenges. Considering the increasing cost of medical care as we age, ensuring our funds are protected against economic inflation, and making sure our retirement years are rewarding and can be spent in leisure. It's important to have a retirement plan should the unexpected occur to secure your legacy. We go far beyond getting you to the retirement finish line and will continue to remain by your side past your working years.
Services
Retirement
It is crucial to understand how you will design your income in retirement, how long your income will last, and which streams of financing you should tap into initially to aim to reduce taxes and maximize income possibilities. In addition, we are familiar with the specific concerns and requirements of investors who have retired or are on the verge of retiring.
Insurance
Within the topic of Insurance, there are many different options available. We will assist you in understanding the distinctions between term insurance, whole life insurance, indexed universal life insurance, universal life insurance, and accidental Insurance. United Assurance Group can provide you with an insurance policy that is a good match for your particular circumstances.
Long Term Care
However, when you are still a long way off from needing long-term care, it is the ideal moment to start making arrangements for it. If you have the appropriate insurance coverage, you may secure your possessions, defend your heirs, and shield your spouse from a great deal of concern and cost. On the other hand, the expense of retirement may be rather high, particularly if you need assistance with your daily activities. Planning for long-term care can assist us in doing to help to safeguard your pleasant lifestyle.
Who We Are
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Who We Are
Whether you are 35 or 65, the choices and goals that you make right now will have an effect on the way you live in the years to come. We can assist you in correctly allocating your retirement portfolio to comply with your ultimate retirement strategy. And since you will require income from your retirement savings in the future, we can devise a plan to assist you in getting the most of your income while keeping your tax liability to a minimum to instill confidence in you that you will not deplete your savings before your time.
Save with someone you trust
The primary objective of our company has always been working with people who are determined to seek out and execute the counsel and direction that is best suited to their requirements.
We collaborate with diverse people, including individuals, families, company owners, professionals, and retired persons. When it comes to assisting our customers in preserving and expanding the wealth on which they will rely during and after their retirement, we take great satisfaction in the fact that we maintain an objective approach. We would consider it a pleasure to provide you and your family with the same service.
What We Do
The primary objective of our company has always been working with people who are determined to seek out and execute the counsel and direction that is best suited to their requirements.
We collaborate with diverse people, including individuals, families, company owners, professionals, and retired persons. When it comes to assisting our customers in preserving and expanding the wealth on which they will rely during and after their retirement, we take great satisfaction in the fact that we maintain an objective approach. We would consider it a pleasure to provide you and your family with the same service.
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Don't miss out on the next post! Have the peace of mind that you are contributing to a financial product that is protected and backed by a company with decades of experience.
Join Our Newsletter
Don't miss out on the next post! Have the peace of mind that you are contributing to a financial product that is protected and backed by a company with decades of experience.
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clientservices@unitedassurancegroup.com
Contact Info
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clientservices@unitedassurancegroup.com
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