Deciding to retire can be one of the most challenging and complicated decisions you ever make. Please know that your friends at Centennial Financial Services are here to help. We specialize in providing simple and easy to understand strategies to your most complex financial planning decisions. Let us help you determine how to make the most out of retirement.
Individual Retirement Account(IRA) - A tax-deferred retirement account for an individual that permits individuals to set aside money each year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% penalty). The exact amount depends on the year and your age.
ROTH Individual Retirement Account - Allows taxpayers, subject to certain income limits, to save for retirement while allowing the savings to grow tax-free. Taxes are paid on contributions, but withdrawals, subject to certain rules, are not taxed at all. The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 1/2 may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.
401(k) - A defined contribution plan offered by a corporation to its employees, which allows employees to set aside tax-deferred income for retirement purposes, and in some cases employers will match their contribution dollar-for-dollar. Taking a distribution of the funds before a certain specified age will trigger a penalty tax.
Self Employed Pension Plan-(SEP) - A retirement program for self-employed people or owners of companies with less than 25 employees, allowing them to defer taxes on investments intended for retirement. This plan allows employers to contribute on behalf of eligible employees, and all contributions are tax-deductible as a business expense and can be integrated with Social Security contributions. In addition, there is no minimum contribution requirement.
SIMPLE IRA - (Savings Incentive Match Plan For Employees) - Retirement account established for employee deferrals and employer matching contributions. These accounts do not require the same IRS reporting and testing when compared to other types of employer-sponsored retirement accounts.
To speak with a financial consultant for more information and to request a free Financial Review, please call:
|Little Rock||North Little Rock||Cabot / Conway Mountain View||Conway||Conway|
|Ryan Carrus, CAIA®||Kyle Stroud||Tommy Green||Bob Leffert||Heather Jinkins|
|Financial Consultant||Financial Consultant||Financial Consultant||Financial Consultant||Financial Consultant|
|Office 501-603-3880||Office 501-603-3813||Office 501-941-4224||Office 501-328-4678||Office 501-328-4721|
|Cell 501-626-5417||Cell 501-690-1528||Cell 501-908-7313||Cell 501-733-1311||Cell 501-940-7359|
Securities and insurance products offered through LPL Financial and its affiliates member FINRA/SIPC. Financial Planning offered through LPL Financial, a registered investment advisor.
*Investing in Alternative Investments may not be suitable for all investors and involve special risks associated with leveraging in the investment, potential adverse market forces, regulatory changes, and potential illiquidity. There is no assurance that the investment objective will be attained.
Centennial Bank and Centennial Financial Services are not registered broker/dealers and are not affiliated with LPL Financial. The LPL Financial Registered Representatives associated with this site may only dicuss and/or transact securities business with residents of the following states: Arkansas, Florida.