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Individual Retirement Annuity Plans

An Individual Retirement Annuity Plan is similar to an IRA except that it must involve an annuity and is not actively managed. Individual retirement annuities have the same contribution limits, tax advantages, and catch-up provisions as an individual retirement account (IRA). They must be issued in the owner’s name, and only the annuity owner or their surviving beneficiaries are eligible to receive benefits from the contract.  We also offer:

Traditional IRAs

  • Anyone is eligible to open a Traditional IRA who has an earned income equal to the amount contributed.

  • Contributions grow tax-deferred.

  • Contributions are limited, see IRS Publication 590.

  • Required minimum distributions begin at age 73

  • Withdrawals prior to age 59 ½ may be subject to income taxes and a 10% IRS early withdrawal penalty, unless you qualify for an exemption for:

    • Disability
    • Qualifying medical expenses
    • Qualifying education expenses
    • Unemployment (under certain conditions)
    • Qualifying first home purchase
    • Death
    • IRS tax levy

Simplified Employee Pension Plans (SEP)

  • A SEP plan allows employers to contribute to traditional IRAs (SEP-IRAs) set up for employees.

  • A business of any size, even self-employed, can establish a SEP.

  • No filing requirement for the employer.

  • Only the employer contributes to traditional IRAs (SEP-IRAs) set up for each eligible employee.

  • Contributions are limited, see IRS Publication 560.

Roth IRAs

  • Anyone is eligible to open a Roth IRA who has an earned income equal to the amount contributed.

  • Contributions have already been taxed.

  • Contributions grow tax-deferred.

  • Contributions are limited, see IRS Publication 590.

  • Withdrawals prior to age 59 ½ may be subject to income taxes and a 10% IRS early withdrawal penalty.

  • Tax-deferred earnings become tax-free after five years and satisfying one of the following events:

    • Age 59 ½
    • Death
    • Disability
    • First home purchase

Looking for more?

Would you like more information on Individual Retirement Annuity Plans? Fill out the form below.


Consider talking with a KJZT Family Life insurance professional about your options, so you can make a decision that best meets your needs.