Annuities and IRAs
In addition to providing affordable insurance to its members, SPJST offers a quality member benefit geared toward minimal risk with optimum gain – the SPJST Annuity.
The purpose of an SPJST annuity is to assure a person of an income which cannot be outlived. An SPJST annuity can also be qualified as an IRA. SPJST also offers its members Roth IRAs. (Note: SPJST life insurance and annuity products are only available in Texas.)
What is an Annuity?
An annuity is a long-term tax-deferred savings plan that utilizes principal and interest to provide lump-sum funds or income for a fixed period or even guaranteed for life. It is an excellent way to accumulate money for retirement or other purposes. Annuities are funded by either lump-sum or flexible premiums. To download our annuities brochure, click here.
SPJST members (life insurance certificate holders) are eligible and may purchase an annuity with a $100 minimum contribution.
(a) Any individual under 70 years of age must apply for an SPJST life insurance certificate, but if rated above standard, the individual may become a member with the purchase of an annuity in an amount of $1,000 minimum.
(b) Any individual under 70 years of age regardless of insurability may become a member with the purchase of an annuity in an amount of $5,000 minimum.
(c) Any individual over 70 years of age regardless of insurability may become a member with the purchase of an annuity in an amount of $1,000 minimum.
Rates effective 11/01/17 through 01/31/18. Rates are subject to change quarterly. Call the SPJST Home Office at (800) 727-7578 for more information.
Annuity New 5 Year
Flexible Premium Deferred Annuity
More information on our Flexible Premium Deferred Annuity coming soon.
Single Premium Deferred Annuity
More information on our Single Premium Deferred Annuity coming soon.
Focus on Traditional IRAs
The IRA owner must have earned income and be under age 70 1/2 to make contributions.
- Contributions may be tax-deductible.
- Earnings grow tax-deferred.
- Distributions generally are taxable.
- Distributions before age 59 1/2 are subject to penalty tax unless an early distribution penalty tax exception applies.
- Required minimum distributions must begin at age 70 1/2.
Focus on Roth IRAs
The IRA owner must have earned income below or within the applicable MAGI (modified adjusted gross income) limits to make contributions.
- Contributions are not tax-deductible.
- Contributions generally can be distributed tax free at any time.
- Earnings grow tax-deferred.
- Earnings can be distributed tax free if the Roth IRA owner first made a Roth IRA contribution at least five years ago, and is age 59 1/2 or older, disabled, deceased, or qualifies as a first-time homebuyer.
- Distributions are not required until after the Roth IRA owner dies.
For More Information
Click here to take a closer look at Traditional vs. Roth IRA eligibility. Talk to us. We’ll be glad to provide you with more information about Roth IRAs and Traditional IRAs.
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