An annuity is an insurance product in which earnings are tax-deferred until you begin withdrawing the money. In some cases, the principal invested in an annuity is tax-deductible (such as an IRA annuity). A fixed annuity provides a set rate of return, backed by an insurance company. For additional information on annuities please contact your Financial Consultant* at SB One Bank.
Employee/Employer Benefits Plan
A broad selection of programs employers may wish to offer employees as a part of a benefits package. Examples include Simple IRAs and Self-Employed Pension Plans.
If you qualify, an IRA is a retirement savings plan that allows individuals to make tax-deductible contributions each year. Taxes on contributions and earnings are deferred until the money is withdrawn. Withdrawals prior to age 59 1/2 may be subject to an early withdrawal penalty and applicable taxes. For specific tax advice please consult a qualified tax professional.
Unlike a traditional IRA, contributions to a Roth IRA are not tax-deductible. Qualified distributions are tax free if you satisfy the requirements. Certain conditions apply to withdrawals, which if not met, may result in penalties. Please consult a qualified tax professional for specific advice regarding your situation.
This product is increasingly popular with individuals who wish to set money aside for college expenses. It offers a number of advantages and restrictions, which can be explained by your Financial Consultant* at any SB One Bank branch. Investors should consider investment objectives, risks, and charges associated with Section 529 plans prior to investing. Contact your investment representative or carrier for more information about municipal fund securities which is available in the issuer's official statement or plan disclosure document which should be read carefully prior to investing. Most 529 plans are sponsored and administered by states. State tax benefits vary among the states, and some offer residents additional tax benefits if they invest in their own state plan. Consult your tax advisor for more information.
Term & Whole Life Insurance
Term Life Insurance is a policy in which coverage is offered for a specific period of time. At the conclusion of the contract, the policyholder is no longer covered, and holds no equity in the policy. Whole Life Insurance offers protection in which a cash value accrues, allowing the policyholder the flexibility of borrowing against the account if need be. Loans or withdrawals from life insurance may reduce the death benefit or cause the policy to lapse.
Long-Term Care Insurance
Long-Term Care Insurance is guarding against the costs of services necessary to assist someone who experiences reduced physical and/or intellectual functioning. These services may be provided to the individual at home, in the community or at a residential facility.
Typically utilized by individuals who conduct their own financial research and make their own investment decisions. Self directed online brokerage allows the individual to invest in the stock market without being subject to the commissions of a full-service broker.
A self directed online brokerage is intended for knowledgeable investors who acknowledge and understand the risks associated with the investments contained in a self directed account.
A 401(k) is a retirement plan that is available to employees of some private corporations. The employee chooses an amount to be deducted from his/her paycheck to be placed into a managed investment account. The employee directs the investment selection on the basis of risk tolerance. Employers may offer to match up to 50% of the employee contribution. Contributions reduce the employee's taxable income, with taxes deferred until the money is withdrawn.
A 403(b) is available to employees of some non-profit organizations. The employee chooses an amount to be deducted from his/her paycheck to be placed into a managed investment account. The employee directs the investment selection on the basis of risk tolerance. Employers may offer to match up to 50% of the employee contribution. Contributions reduce the employee's taxable income, with taxes deferred until the money is withdrawn.