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Retirement & College Savings

One of the biggest investment decisions most people will make is the purchase of their home.  Equally as important, will be funding a child’s education and retirement planning. At Herold & Lantern Investments, we offer a comprehensive array of financial solutions to help you achieve these goals. 

Retirement & IRAs

Rollover IRA: Let’s face it, the days of working for the same business in ones lifetime is no longer feasible for most of us. If you have already experienced a few career changes, you may have one or a few orphaned 401(k)s. Each one, with its own set of rules, numbers to call in case of questions, investment options, and login credentials. Consolidating these previous-employer 401(k)s into a single Rollover IRA may make sense. We can work with you to renew your existing plans to see what's in your best interest. You will also work with a single Financial Professional who will get to know you, learn your risk tolerances, and help you achieve your investment goals.

Roth IRA: This type of IRA is funded with after tax dollars, grows tax deferred, and if you satisfy the requirements, qualified distributions are tax-free. The Roth IRA was established by the Taxpayer Relief Act of 1997, and the first Roth IRAs were opened in 1998. While the Roth IRA imposes income limitations, the limits may be in reach for most people. In 2020, an AGI (adjusted gross income) of $196,000 or less would qualify for full benefits and contribution limits. An AGI above those levels will decrease your allowable contributions until it completely phases out at an AGI of $206,000.

Traditional IRA:  A traditional IRA is a way to save for retirement that gives you tax advantages. Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances, and generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed. While there is no income restriction to opening a Traditional IRA, the ability to deduct contributions may be limited or eliminated depending on your income.

Inherited IRA: Losing a loved one is always difficult. If you are a beneficiary of an IRA for someone that has recently passed, you may consider establishing an Inherited IRA. There are different rules with this type of IRA depending if you inherited the IRA from your spouse or if you inherited it from someone other than your spouse. During this time of grief, an experienced Herold & Lantern Professional can guide you throughout the process.

Financial Tip  Use our online calculators and tools to see how retirement savings and contributions can work in your favor.

Small Business & Corporations:  There are many benefits to starting a small business retirement plan. The two most important benefits are: Attracting & retaining valuable employees; Potential tax savings for the business owner(s).

Small business retirement planning can be a sophisticated endeavor and shouldn’t be taken lightly. Herold & Lantern Investments financial professionals have many years of experience working with small business owners. Generally, we will consult with your CPA, Tax Advisor, Actuary or TPA (Third Party Administrator) to help you implement a plan best suited to your needs and goals.

Herold & Lantern Investments offers an array of Small Business Retirement Plans such as: SEPS, Traditional 401(k), Safe Harbor 401(k), One-Participant 401(k), SIMPLE Plans, Profit Sharing Plans, Defined Benefit Plans, and Money Purchase Plans.

Please contact us for a complimentary copy of RETIREMENT ESSENTIALS

529 College Savings

According to the SEC, a 529 plan is “a tax-advantaged savings plan designed to encourage saving for future education costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code. “

As parents, we want the best for our children. One of the greatest gifts we can give our children is an education. We all hear the news stories about the escalating student debt levels that have left many students unable to pay. A 529 plan allows you to set up a monthly, college savings plan the year your child is born and possibly sooner. With the power of compounding, even small monthly contributions can grow quickly over time.  Use our online savings calculator to see how much you need to save per month to reach your college savings goal.

• Earnings on investments can grow free from federal income tax
• Possible deduction from state income taxes for all or part of plan contributions
• No income restrictions on contributions
• Relatively small impact on student financial aid eligibility
• High account limits
• Ease of setup and management

Please contact us for a complimentary copy of the 529 EDUCATION SAVINGS PLANS BROCHURE?

Herold & Lantern Investment's financial professionals have many years of experience helping families save for retirement and help plan a child's education.