Ohio Qualified Annuity
What is the Ohio Qualified Annuity?
It is a long-term savings vehicle issued by an insurance company that you may wish to consider if you need to transfer funds that you have invested in any type of employer-sponsored retirement plan.
Typically the need to transfer your investments is only necessary because you have left your employment or retired.
To discuss how the Ohio qualified annuity may be appropriate call our office at 513-662-7000 or toll-free 800-998-0662.
Why Do I Need to Take Advantage of the Ohio IRA Rollover Program?
Unless you will be using your funds immediately any distributions that are paid to you will be taxed at your ordinary tax rates.
If you are under the age of 59 1/2 additional tax penalties may apply.
If you do not wish to be taxed consider rolling over your funds into an IRA rollover. Annuities can be set up as IRA rollover vehicles much in the same way as a mutual fund, CD, or self-directed IRA, or stock brokerage account.
A Properly Structured Distribution Strategy Can Limit Your Tax Burden.
100% of your distributions will be taxed at your ordinary income level and penalties could be incurred if you are under the age of 59 1/2 so it’s appropriate to set up a strategy to minimize your tax burden.
Example: If you have $850,000 in your retirement account and you receive that amount in a lump sum you will be taxed on the full $850,000 disbursement!
A better strategy is to structure your distribution so that it minimizes your tax liability.
We can help you develop a strategy to structure your retirement account so that it minimizes your tax liability.
Contact Pathway Insurance at 513-662-7000, or Toll-Free 800-998-0662.