Welcome to the Tax Free Wealth
Group Insurance Agency, LLC
Building Your Wealth, Protecting Your Future—Tax-Free.
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Meredith Penner
Retirement Strategy Specialist
Meredith believes building a strong retirement plan provides peace of mind. She's dedicated to educating you on the innovative planning solutions we offer, as well as the various aspects that make up a good retirement plan. She is licensed and certified to talk about pension plans, Medicare, Social Security, Long-Term Care and other retirement plans to help you put the pieces together and see if improvement is needed.
She recognizes that clients’ needs and priorities change over time, and is dedicated to being there to serve them with integrity every step of the way.
She holds herself to the highest level of personal and professional integrity and promises only to recommend solutions that are in my client’s best interests; providing personal service and helping to make certain you can enjoy the life of your retirement.
Outside of work, Meredith is nicknamed "Snow White" because of the various birds and squirrels that come to her house for treats. She loves the outdoors and the ocean and paddle boarding is her favorite thing to do for exercise. She is also an avid artist and enjoys painting every chance she gets.
Some of Our Services
Roth IRA Conversion
A Roth IRA conversion is a strategy that allows you to convert funds from a traditional retirement account, such as a 401(k) or traditional IRA, into a Roth IRA. There are several reasons why someone might consider doing a Roth conversion:
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1. Tax-Free Withdrawals: Roth IRAs offer tax-free withdrawals in retirement. By converting funds from a traditional retirement account to a Roth IRA, you can potentially enjoy tax-free growth and tax-free withdrawals in the future.
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2. Tax Diversification: Roth conversions can help diversify your retirement savings from a tax perspective. By having both traditional and Roth accounts, you can have more flexibility in managing your taxes during retirement. This can be particularly beneficial if you expect your tax rate to be higher in the future.
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3. Estate Planning: Roth IRAs offer potential estate planning advantages. Roth accounts have NO required minimum distributions (RMDs) during the account owner's lifetime, allowing you to potentially pass on tax-free assets to your heirs.
4. Future Tax Rates: If you anticipate that tax rates will increase in the future, a Roth conversion can be a way to lock in today's lower tax rates on your retirement savings.
5. Financial Flexibility: Roth conversions provide greater flexibility for accessing funds in retirement. Unlike traditional retirement accounts, Roth IRAs allow for tax-free withdrawals of contributions at any time, penalty-free.
Indexed Universal Life (IUL)
An Indexed Universal Life (IUL) insurance policy can be a suitable option for individuals who are looking for a combination of life insurance protection and the potential for cash value growth.
Here are some reasons why someone might consider getting an IUL policy:
1. Death Benefit Protection: Like other life insurance policies, an IUL policy provides a death benefit that can provide financial protection for your loved ones in the event of your passing. The death benefit can be used to cover funeral expenses, pay off debts, replace lost income, or fulfill any other financial obligations.
2. Cash Value Growth Potential: One of the unique features of an IUL policy is its potential for cash value growth. The cash value of the policy has the opportunity to grow based on the performance of a chosen market index, such as the S&P 500. This can provide a way to accumulate savings over time.
3. Tax-Advantaged Growth: The cash value growth in an IUL policy is generally tax-deferred, meaning you won't have to pay taxes on the growth as long as the policy remains in force. This can be advantageous for individuals who are looking for tax-efficient ways to build wealth.
4. Flexibility and Control: IUL policies typically offer flexibility and control over the policy's cash value. You may have the ability to adjust your premium payments, allocate funds to different index strategies, and access the cash value through policy loans or withdrawals.
5. Supplemental Retirement Income: In addition to providing a death benefit, the cash value in an IUL policy can be accessed during your lifetime to supplement your retirement income. This can be particularly beneficial if you have maxed out other retirement savings options or want to diversify your retirement income sources.
Fixed Indexed Annuity (FIA)
A Fixed Indexed Annuity (FIA) can be a suitable option for individuals who are looking for a combination of principal protection, potential for growth, and guaranteed income in retirement.
Here are some reasons why someone might consider buying a Fixed Indexed Annuity:
1. Principal Protection: FIAs offer a level of principal protection, meaning that your initial investment is protected from market downturns. This can provide peace of mind, especially for individuals who are risk-averse and want to protect their savings.
2. Potential for Growth: FIAs offer the potential for growth based on the performance of a chosen market index, such as the S&P 500. While the growth is not directly tied to the market, the annuity's returns are typically linked to the index performance. This allows you to participate in market upside while also having a level of protection against market losses.
3. Guaranteed Lifetime Income: One of the key benefits of an FIA is the ability to convert the accumulated value into a guaranteed lifetime income stream. This can provide a steady and reliable income during retirement, ensuring that you have a source of income that you cannot outlive.
4. Tax-Deferred Growth: Similar to other annuities, the growth in an FIA is typically tax-deferred. This means that you won't have to pay taxes on the growth until you start receiving distributions. This can be advantageous for individuals who are looking for tax-efficient ways to grow their savings.
5. Flexibility and Control: FIAs often offer flexibility and control over the annuity contract. You may have the ability to choose the length of the annuity contract, select different index strategies, and have options for how you receive your income payments.
6. Estate Planning Benefits: FIAs can also offer estate planning benefits, as they provide a death benefit that can be passed on to your beneficiaries. This can help ensure that your loved ones receive a financial legacy and can be a valuable component of your estate planning strategy.