Teaching Tuesday: Life insurance for our kids. As parents and guardians we do everything we can to protect our kiddos. Have you ever thought about life insurance as a way to do that too? Why? ▶️ Securing a plan when they are young and healthy can help ensure their future insurability even if they develop health concerns later in life. None of us want our kids getting sick, but, it does happen. How much will it cost? ▶️ Our kiddos are young and typically healthy, they often qualify for lower premiums and guaranteed coverage. Did you know? ▶️ Whole life plans can accumulate cash value that can potentially be accessed later in life. This can be a great building block for them. (Note, taking cash out can change the death benefit and should always be discussed with your rep before hand to ensure the plan is still doing what you want it to do!) ▶️ Ownership can transfer to the child when they become an adult. ▶️ Grandparents and Great-Grandparents can purchase life insurance for their grandchildren. ▶️ The plan can be built to fit your budget. ▶️ This is the gift that can truly last a lifetime! There is no cookie cutter plan for anyone. Start the conversation today to build a plan for you and your family. Your child and child's future family will thank you for this gift!

We’ve been named to Forbes list of the world’s best life insurance companies for the third year in a row! I’m grateful to be a part of this organization and for my amazing members! Learn more: modernwoodmen.org/Forbes2025 #ModernSince1883 #PioneersForLife

Teaching Tuesday: SIMPLE IRA 🔘 A Savings Incentive Match Plan for Employees (SIMPLE) is a plan designed for small businesses and self-employed individuals. 🔘 It allows both employees and employers to contribute to a traditional IRA that is set up for the employee. 🔘 Generally available for businesses with fewer than 100 employees who earn $5,000 or more the preceding year. 🔘 Employees can choose to make a percentage or dollar amount salary reduction contribution from their paycheck. 🔘 The maximum employee contribution for 2025 is $16,500. 🔘 Individuals age 50 and older can make an addition catch-up contribution of $3,000, totally $20,000 for 2025. 🔘 Employers are required to contribute and have 2 options. ➡️ A dollar-for-dollar match of employees contributions up to 3% of the employees compensation OR a non-elective contribution of 2% of each eligible employees compensation (regardless of whether the employee contributes) 🔘 Employees are immediately 100% vested in all contributions made. Meaning, if they leave the job, 100% of the money goes with them. 🔘 Contributions are tax deferred, meaning they reduce taxable income in the year they were made. 🔘 Can help attract and retain employees by providing a valuable retirement benefit. Remember to consult a financial representative and tax professional!

Teaching Tuesday: Traditional IRA 🔷 Contribution limits cannot exceed $7,000 or $8,000 if you are age 50 or older 🔷 Contributions you make may be tax-deductible. 🔷 The money grows tax-deferred, meaning you will not pay taxes on earnings and gains until you withdraw them at retirement. 🔷 RMD (Required Minimum Distributions) are required to be taken by April 1st of the year following the year you reach age 73. 72 if you were born before July 1, 1949 or 70 1/2 if you reached 70 1/2 before January 1, 2020. 🔷 If you withdraw funds before age 59 1/2 you may owe a 10% early withdrawal fee in addition to regular taxes unless you qualify for an exception. 🔷 First-time home buyers can withdraw up to $10,000 for buying or building their first home without incurring the 10% penalty. Remember to always speak with a financial representative and tax professional!