Financial Services

Nest Egg Financial Services Troy TrueTrue Educator Insurance offers several different avenues for financial services. No matter what type of employment you have, income, or livelihood, we can help you meet your financial goals. We don’t believe in a one size fits all approach for our clients. We focus on each client’s individual and family needs in order to choose the plan that fits the best. You do not have to deal with money management alone. It is a lot of pressure for one person to handle. At True Educator Insurance we understand the amount of stress you go through while making your money, so why should you have to worry about managing it? We’ve got you covered.

IRA: 

IRA stands for Individual Retirement Arrangement. The contributions are often tax-deductible, which in turn lowers your adjusted gross income. This is very beneficial for someone who would like to save for retirement without having to pay taxes on the money being contributed. With an IRA all taxes are deferred until you start taking withdrawals. If you plan on making withdrawals before you reach retirement age, the Traditional IRA may not be the right choice for you. However, if you are looking to start saving for retirement and are seeking a way to lower your current taxable income this may be a good option for you. The traditional IRA policy is one of the most popular financial services.

403(b) (Tax-Sheltered Annuity): 

A 403(b) is a retirement plan for certain employees of public schools, tax-exempt organizations, and certain ministers. Contributions to the account are generally made pre-tax and through salary deferral. Contributions can be made by either the employee or the employer. Similar to an IRA, all taxes are deferred until a withdrawal is made and contributions lower your adjusted gross income. However, with a 403(b) you can contribute more in a given year than you can with an IRA. A person under age 50 can contribute up to $18,000, and a person over 50 can generally contribute up to $24,000 (2017).

SEP-IRA: 

A Simplified Employee Pension IRA provides business owners with a simplified method to contribute toward their employee’s retirement and their own individual retirement. In this type of plan only the employer contributes. The overall contribution amount can be flexible in any given year but the same percentage of compensation must be given for every employee. At a minimum, employee’s become eligible to participate after they reach age 21, have worked for the employer in at least 3 of the last 5 years, and have received at least $600 in compensation (2017).

Roth IRA: 

While a Traditional IRA may offer tax-deductible contributions, a Roth IRA does not. The upside to a Roth IRA is that when you meet the requirements for a qualified distribution all earnings are tax-free. Roth and Traditional IRAs have their similarities, but when it comes to taxes they are very different. If you think that there is a possibility that you may have a higher tax bracket in retirement then a Roth IRA might be what’s best for you. This way you will have already paid taxes on your money before you deposit it, and pay no taxes on your qualified distributions in retirement.

SIMPLE IRA: 

A Savings Incentive Match Plan for Employees allows both employees and employers to contribute to Traditional IRAs for the benefit of the employee. This type of plan is available to any small business that has 100 or fewer employees. The employer has to decide to either fund the plan by matching employee contributions dollar for dollar up to 3% of compensation, or by depositing 2% of employee compensation as a non-elective contribution without the matching requirement. At a minimum, employees become eligible to participate after earning at least $5,000 in compensation during any 2 years before the current calendar year and expect to receive at least $5,000 during the current calendar year.