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The Benefits Of Tax-Free Income

January 12, 2021 by New City Insurance

two men talking about the benefits of a tax free incomeWhen it comes to your retirement assets, one factor to consider is your tax liability. Retirement assets can grow in vehicles that are taxable, tax deferred or potentially even tax free. With the vast majority of people surveyed believing that taxes are going to rise in the future, this is a recommended time to consider reviewing retirement solutions and the potential impact of future taxation trends.

Over the past few decades, many common strategies have led to a
taxable income stream in retirement, including traditional 401(k)s and IRAs. On the other hand, Roth 401(k)s and Roth IRAs have allowed savers to pay the taxes before purchase and withdraw their initial assets and earned interest tax-free in retirement.

The main challenge for high income earning business owners or employees is income disqualification or contribution limits to participate in these types of ROTH plans.

A Non-Qualified Deferred Compensation plan can allow you to control your future tax liability and participate without IRS and ERISA constraints.
Tax–Free

  • No defined annual IRS limitation on contributions
  • No limit on gross income affecting your ability to contribute premiums.
  • Tax-deferred cash value growth potential.
  • Supplemental retirement income through tax-free withdrawals
  • No 10% penalty tax for accessing policy cash values prior to age 59 ½.
  • No required minimum distributions (RMDs) for owners.
  • Income tax-free death benefit for your beneficiaries.

Work With New City Insurance

man explaining to another what tax free income is The knowledgeable team at New City Insurance has helped countless companies of all sizes find plans that best align with their business goals and strategies in order to help business owners and employees alike be satisfied with their insurance plans, benefits and more. To learn more about the benefits of tax-free income and whether it is the right choice for you speak with out team at New City Insurance by calling us today at 888.210.2759 or request a consultation online.

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888.210.2759
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  • HR Support

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  • Cannabis Industry
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  • Oil & Gas Industry
Google Rating
4.9
New City Insurance
New City Insurance
4.9
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
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