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Church Life IRAs

What Is an IRA?

An individual retirement annuity (IRA) is a savings account with tax advantages.  IRAs allow you to either defer taxes on the money you save or eliminate taxes on the growth on your investment.   While there are restrictions based on income and employment status and limitations on the amount you can deposit each year, IRAs are an effective savings tool for retirement.

Church Life offers both Traditional and Roth IRAs to allow you to supplement your pension.

Church Life IRAs are funded through fixed annuities, so you receive:

  • Guaranteed1 rate of return
  • Guarantee of principal
  • Guaranteed tax-deferred growth
  • Trust that your money will grow no matter how the stock market performs

Church Life Offers Two Types of IRAs:

Traditional IRA
With a Traditional IRA, you may be able to deduct your contributions from your taxes. You'll pay taxes on your withdrawals and must begin withdrawing from the IRA after age 70 1/2.

Roth IRA
Roth IRAs are funded with after-tax contributions, so you don't pay taxes on qualified withdrawals. Also, there is no requirement for you to withdraw funds from the account.

We offer two ways to fund your IRA:

  • Single Premium Annuity – You make contributions within the first 60 days of your contract date using a single lump sum contribution or multiple contributions to the annuity. The current interest rate earned on contributions is 2.25%
  • Flexible Premium Annuity – Lets you contribute at your own pace with multiple contributions over time. The current interest rate earned on contributions is 2.0%

With a Church Life IRA you’re guaranteed never to earn less than 1.0% annually no matter what the stock market does. You’ll also enjoy a bonus rate of an additional 1.5% on all first year contributions.2

Have Questions?

Call us to talk about retirement products offered by the Church Pension Group.

Consult your tax or financial advisor about annuities and if they fit your situation.

1Guarantees are based on the claims-paying ability of Church Life Insurance Corporation, 19 East 34th Street, New York, NY  10016 (“Church Life”). The Church Pension Fund does not guarantee the interest or principle.

2The current interest rates are not guaranteed. The bonus may not be available in all states. IRA contributions are limited by Federal law.

 

Annuities are offered by Church Life Insurance Corporation, 19 East 34th Street, New York, NY 10016.

Annuities and IRAs Disclaimer

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