McMillion Financial Group
your partner in retirement planning
Through McMillion Financial Group, investors have access to a wide selection of
high quality investment options, professional third-party asset management
services and a wealth of retirement, college and investment planning expertise.
Traditional 403(b) accounts
Employees of schools, hospitals and other not-for-profit organizations may take
advantage of their employers' 403(b) plan to save for retirement. With a traditional
403(b) account, contributions are made on a pre-tax basis.
This reduces your tax liability for the years in which you
contribute to the plan, and all contributions are treated as
tax-deferred until they are withdrawn. This way, taxes will
not erode your account, allowing more of your savings to
work for you over time. Employees may participate in a
403(b) program through payroll deduction, meaning
contributions can be taken right out of your paycheck.
And, 403(b) plan participants may choose from a wide
variety of investment options.
Roth 403(b) accounts
Roth 403(b) accounts offer the option to build tax-free retirement income. While
Roth 403(b) accounts are funded with after-tax dollars, all qualified distributions
All employees who are eligible to make salary deferrals to a regular 403(b)
account are also eligible to defer to a Roth 403(b) account. Contributions may be
made to a Roth 403(b) in addition to, or in place of regular 403(b) account
contributions and your annual elective deferral limit may be divided between the
two accounts in any manner you wish. However, once Salary Reduction
Agreements have been signed and contributions have been deposited,
participants may not transfer monies from one type of account to the other.
As with regular 403(b) accounts, employees may fund their Roth 403(b)s through
payroll deduction, meaning contributions can be taken right out of your paycheck.
Roth 403(b) Account holders may choose from a variety of investment options.
Distributions may begin at age 59 1/2 (provided the account has been funded for
at least 5 years). And, while regular 403(b) account distributions are mandatory at
age 70 1/2, Roth 403(b) distributions are not mandatory until death if the account
is rolled over to a Roth IRA.
Furthermore, a Roth 403(b) account can provide highly compensated individuals
who may not be eligible to contribute to a Roth IRA with the opportunity to diversify
their retirement assets.
*In order for the Roth 403(b) account to be distributed tax-free, it must be funded for a minimum of five years and distributions cannot
be taken before the account holder attains age 59 1/2. A participant would also qualify for tax-free distributions if the account was held
for five years and the account owner became disabled (under the strict definition of disability of 72(p) of the IRS code). Furthermore, in
the event of the account holder's death, beneficiaries would receive tax-free distributions if the account was held for at least five years.
Otherwise, the distribution would be treated as part return of principal and part taxable earnings. A 10% premature withdrawal penalty
may apply to the earnings.
Individual Retirement Accounts (IRA)/Roth IRA
For-Profit Retirement Plans - SEP-IRA, SIMPLE IRA, 401(k), Keogh, profit sharing
and money purchase pension plans.
529 College Savings Plans - This tax-advantage college savings vehicle allows for
earnings to be treated as tax-deferred until withdrawal. What's more, when funds
are withdrawn to meet expenses associated with high learning, the account's
earnings are federal income tax free.*
A Wide Selection of Investment Options
Mutual Funds - A wide variety of mutual funds from many different mutual Life, Disability, Long-Term Care, Dental and Custom Insurance Programs -
fund families. As your Investment Advisor Representative, I can guide you
in selecting mutual funds that suit your investment objectives. Mutual
funds involve market risk, including fluctuating returns and possible loss of
Annuities - A selection of fixed and variable annuities from the country's
highly rated insurance companies. Variable annuities involve market risk,
including fluctuating returns and possible loss of principal. Early
withdrawals before 59 1/2 may result in additional fees and/or a 10%
federal tax penalty.
Individual Securities - Trade stocks, government bonds and corporate
bonds sold on the major exchanges or over-the-counter markets.
Planning for the future includes more than just investments. Insurance can be a
crucial component in the protection of your assets and your family. I can work with
you to assess your insurance needs as a part of your comprehensive financial
Fortune Financial Services Corporation does not give tax or legal advice. Please consult
your tax or legal professional regarding your particular situation.
Social Security Statement of Earnings
Tax Analysis and W-4 Computations
Fortune Financial Services Corporation does not give tax or legal advice. Please consult your tax or legal
Securities offered through Fortune Financial Services Corporation member FINRA and SIPC
Copyright 2006 McMillion Financial Group LLC. All rights reserved. Revised July 12, 2019.
Branch Office: 111 2nd Ave NE, Suite 913B, St. Petersburg FL 33701
Phone: (727) 456-1518 E-mail: email@example.com
McMillion Financial Group LLC is not an affiliate of Fortune Financial Services