A cash balance pension plan is a type of defined-benefit plan under which an employer credits a participant’s account with a set percentage of yearly compensation plus interest charges. Key Benefits: Maintained on an individual account basis Generous contributions limits that increase with age Can be used in association with a 401(k) plan Can be…
Customizing an investment strategy to meet our clients unique going requires the use of a wide selection of securities provides you with the right choices to build a diversified portfolio and reach your goals. Plus you’ll get clear, reliable help to guide your investing decisions from experts in the industry. Common Investment Securities Mutual…
A health savings account (HSA) is a tax-advantaged medical savings account available to people enrolled in a high-deductible health plan (HDHP). The tax benefits of an HSA make it an attractive way to save for current and future medical expenses. Benefits of an HSA Contributions are tax deductible Earnings grow tax-free Distributions are tax-free…
The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfer to Minors Act (UTMA) established accounts that allow adults, usually the parent, to transfer assets to a minor without the need to establish a special trust. The beneficiary assumes full control at age of majority (18 or 21 depending on the state). The main…
A Coverdell Educational Savings Account (ESA) is a tax advantaged account for the purpose of funding various levels of education, not just college. Elementary and secondary educational expenses can also be covered. Key Benefits Contributions are not tax deductible but grow tax free until distribution Contributions can be made until beneficiary turns age 18 Must…
529 plans are one of the most popular college savings accounts due to their tax-deferred growth, tax-free withdrawals (for qualified educational purposes only), and generous contribution limits. You are free to choose any state’s 529 plan, and the beneficiary can attend school in any state regardless of which state’s plan you choose. Key Benefits Contributions…
Rolling your old employer-sponsored retirement plans like 401(k) or 403(b) plans into a Rollover IRA allows for consolidation and easier management. A FinTrust team member can assist you in getting the assets rolled out of your old plan. Key Benefits All or a portion can be rolled Maintains the tax-deferred status Broader range of investment…
