Getting A Start on Your Retirement Planning

Planning for retirement is an important thing to consider at any age. Taking a proactive approach and getting an early start on planning and saving can set you up for future success. Starting to plan your retirement early in your career also provides two key elements of investing – time and compounding interest. As you approach retirement age, having a retirement plan becomes more and more critical; this is where Peak Insurance Agency found their specialty. Our staff has years of experience working with clients to create and execute an effective retirement plan that allows them to live comfortably during the course of their retirement.

Income Planning

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In today’s society, more people are living paycheck to paycheck as opposed to developing an income plan to set up their future retirement. Income planning is an important factor to consider when discussing your retirement.

There are many factors to consider with retirement. What happens when retirement accounts are on the decline? What if you need more income than what you already earn from your retirement? Are your accounts qualified or non-qualified and do they have withdrawal penalties? How does your tax situation change with an income plan? Where do you start?! Have you given thought to the possibility of social security being absolved? You need a back-up plan.

Income planning isn’t a simple concept, which is why it is to your benefit to contact the professionals. Peak Insurance Agency knows how to plan for your financial future. We consider numerous variables, including inflation and taxes, and look to develop a reliable income plan for your retirement.

To learn more, please call us today at 800-742-9596 for a free consultation.

IRA and 401K Rollovers in Central IL

When it is time to retire, or if you are moving on from your current job, every individual makes a choice regarding what to do with their retirement account assets. There are several options to explore, and it could be to your benefit to speak with a qualified professional who understands financial planning. Peak Insurance Agency/Barber Agency has nearly 60 years of experience providing quality financial guidance and creating retirement plans for clients involving the rollover of:

  • 401 K Accounts
  • 403 B Accounts
  • IRA Accounts
  • Pension Accounts
  • 457 Accounts

At Peak Insurance Agency, our goal is to provide a plan for your future retirement, growing funds for you to live on comfortably when it comes time for your retirement. We offer Independent Retirement Accounts (IRAs) in two options: Traditional IRA and Roth IRA.

  • Traditional IRA – Contributions can be made up to a specified limit and are tax-deductible from state and federal returns.
  • Roth IRA – Your contributions aren’t tax-deductible, but your earnings and withdrawals are tax-free.

What If I Already Have A 401K?

Whether or not you currently have a 401 K plan does not affect whether you can contribute to an IRA fund. In 2017, you were able to contribute up to $5,500 to your IRA (an additional $1,000 if you are above the age of 50) if you qualify. However, the capacity to make deductible contributions to your traditional IRA may be limited if you do participate in a 401 K Plan; it all depends on your salary. Ask one of our agents for more details!

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Tax and Estate Planning

Peak Insurance Agency assists clients in devising a plan that greatly reduces the possibility of probate and maximizes the value of their estate by reducing taxes and lowering other expenses. Over the years, through hard work and determination, you accumulate a certain amount of wealth. Big or small, it’s something that you earned and deserves to be protected. The best way to ensure that your family, or other beneficiaries you select, are able to inherit your legacy, assets, and estate, is with the establishment of:

  • Wills – A legal document that states the beneficiaries of your money, possessions, assets, etc.
  • Trusts – A legally binding document that grants one party a second permission to manage assets.
  • Beneficiary Designation – Someone who receives assets and benefits as a result of your life insurance policy, retirement plan, etc.
  • Joint Ownership Agreements – Two or more people having an ownership of an asset(s).

Why Plan Your Estate with Us?

We utilize an assortment of lawyers, insurance professionals, and accountants to help ensure your bases are covered when planning your estate. The lawyer drafts the legal documents, the accountant oversees and calculates your debts and assets, and our insurance professionals make sure you use the right savings in order to limit your tax deductions and maximize your family’s benefits package. Want to start planning your estate the right way? Contact our office today!

Long-Term Care and Asset Protection

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There are several different strategies and tools that can be integrated into an individual’s financial plan to protect assets; Long-Term Care Insurance is one of these tools. Long term care makes it possible for our clients to maintain their independence, so they don’t have to worry about burdening their family. Long term care can help pay for the costs incurred for services received from licensed therapists, homemakers, hospice services, as well as respite services. This coverage can also pay for benefits received in your home, assisted living facility, or nursing care facility. Peak Insurance provides its clients with plans that give the insured the opportunity to decide where they want to live when the need for long term care arises.

Benefits of Long-Term Care & Asset Protection

  • Protection of assets from the rising cost of long term care
  • Provides benefits for services to help maintain independence and quality of life
  • Able to design a plan to suit an individual’s specific needs. Choices of home care, assisted living, nursing home care, or a plan that combines them all
  • Up to a 50% discount for Joint Policies
  • Inflation protection that increases benefits by 5% compounded annually

To learn more, please call us today at 800-742-9596 for a free consultation.