Individual Retirement Accounts (IRAs)
Is your IRA guaranteed to grow? IRAs from Erie Family Life are. Whether you choose a Traditional, Roth, SEP or SIMPLE IRA, your money will increase with Erie Family Life.
If you qualify, your contributions to a Traditional IRA are tax-deductible. For 2007, up to $4,000 can be deducted. For 2008, up to $5,000 can be deducted. Taxpayers over age 50, may contribute an extra $1,000 from 2007 - 2010.
Contributions to a Roth IRA are NOT tax-deductible. The principal benefit of a Roth IRA is that qualified withdrawals are tax-free. Additionally, there are no mandatory withdrawals at age 70 1/2.
SEP-IRA or SIMPLE IRA
Are you self-employed? A SEP-IRA or a SIMPLE IRA could make sense. These “employer-sponsored” IRAs have special rules and additional benefits like higher contribution limits.
Are you changing jobs? You can transfer money from a 401k or other qualified plan to an Erie Family Life IRA without paying tax.
Interested in converting your Traditional IRA to a Roth IRA? We can tell you about the special rules that apply.
Need Help Choosing a Plan?
We, at Laskowski Insurance Agency, will be happy to explain each plan in greater detail.
*Erie Family Life products are not available in all states.