Retirement Plans
HuttoDean provides retirement planning, through GWN Securities Inc., to employees at over 100 school districts in the greater Southern California area and offers a wide array of retirement plans.
403(b)-TSA
The 403(b) is a tax deferred retirement plan available to employees of educational institutions and certain non-profit organizations as determined by section 501(c)(3) of the Internal Revenue Code. Contributions are made via payroll deduction on a PRE-TAX basis. Contributions and investment earnings in a 403(b) grow tax deferred until withdrawal (assumed to be retirement), at which time they are taxed as ordinary income. Investment selection can be numerous and HuttoDean can help through the use of GWN Securities 403(b)-7 custodial accounts.
457 Plans
A 457 Deferred Comp retirement plan works much like a 403(b) with some exceptions. It is available to public school teachers as well as municipal and government employees. Recent tax law changes allow certain teachers to contribute to 403(b) and 457 plans simultaneously. Contact us for more info.
Traditional IRA
A traditional IRA is a personal savings account that gives the investor certain tax advantages for setting aside money for retirement, subject to income limits. Contributions are made PRE TAX and then can be fully or partially deductible against your income. Amounts in all IRA’s grow tax deferred until distributed.
Roth IRA
The Roth IRA allows the participant to make deposits AFTER TAX (not deductable) in exchange for tax free distributions provided certain conditions are met. Again, investment selection remains very wide and in some cases you can convert your existing traditional IRA to a Roth IRA (59 1/2 years or older and held account for at least five years). Contact us for more info.
Rollover IRA
You can move money in one traditional IRA to another traditional IRA without penalty, and without owing income tax on any earnings that may have accumulated. What you’re doing is “rolling over” your IRA.
You may also move assets from an employer-sponsored plan, such as a 401(k), 403(b), or 457 into an IRA if you retire, change jobs, or your employer ends the plan. Moving the money to an IRA means that your retirement savings can continue to accumulate tax deferred until you are ready to begin withdrawals or move the money back into a new employer’s plan. This type of IRA is sometimes known as a “Conduit IRA”. Contact us for more info.