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 Financial Services:
Why Preparing for Your Financial Future is so Important:
A comfortable retirement. The house of your dreams. A college fund for your children or grandchildren. You deserve to fulfill all of your goals and dreams, but unless you start preparing now, these dreams for tomorrow may not come true. We understand that today's financial decisions help determine tomorrow's financial security.
Fact #1:
Funding your retirement is more expensive than ever before. This is because people today are living longer and spending more years in retirement.
Fact #2:
To make matters worse, Social Security is likely to fund only a percentage of your retirement needs.
The rest comes from savings, pensions, or a post-retirement job.
Fact #3:
If that were not enough pressure, you also will have to contend with a decline in buying power when you finally retire. The items you purchase may become much more expensive over time.
Fact #4:
As you know, the effects of taxes and deductions also eat into your earnings and wealth.
Life is full of uncertainties, and Farmers is here to help you prepare for all of them, including your financial future. Whether you are looking for a program to save for college or retirement, Holly Kornachuk knows how to look at your goals, risk tolerance and time horizon to help you set up a program that fits your needs.
 IRA Retirement Info College Funding
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Ask for your Farmers Friendly Review®
Do you have the right style of mutual funds based on your risk tolerance and time horizon? To find out, just ask Holly Kornachuk for a Farmers Friendly Review of all your investments, which will help you identify gaps in meeting your investment goals.
It is all part of the professional personalized service offered by Holly Kornachuk.
At Farmers our customers are like family. We give you our best and take great pride in the service we provide. You can count on the support of an experienced professional - every step of the way.
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IRAs:
When planning your investment strategy, remember your IRA - one of the most important sources of tax-deferred retirement savings. Both traditional and Roth IRAs enable you to accumulate a retirement nest egg over time by making an annual contribution.
Traditional IRA:
Earnings on contributions to a traditional IRA accumulate tax-deferred until you reach age 70 1/2, at which time you are required to begin taking distributions. Withdrawals are taxed as ordinary income and may be subject to a 10% penalty if withdrawn before the age of 59 1/2. Your contributions may be tax-deductible if your income is below thresholds established by the IRS.
Roth IRA:
With a Roth IRA, contributions are not tax-deductible, but withdrawals may be free from federal income taxes. Because mandatory withdrawals are not required at age 70 1/2, you may leave assets in a Roth IRA intact to continue to accumulate tax-deferred, or bequeath them to your heirs. Eligibility for a Roth IRA begins to phase out for a single taxpayer with an adjusted gross income of $95,000, and taxpayers filing jointly with incomes of $150,000 or more.
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Retirement Information:
When you plan your retirement, make sure you have a financial professional who can help you. Holly Kornachuk will help you consider inflation, time horizon, and life expectancy, to determine the amount of the "nest egg" you will require before you can retire and live comfortably, no matter how long you live.
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 College Funding:A college degree is becoming more and more a necessity to get any job in today's market. And the expenses of a college education grow with it.
Selecting the college funding program that fits your own need is important. Several different programs are available.Top of Page
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