April 7, 2008

"It's That Time"

"It's That Time." You have enjoyed the recent Winter season by enjoying walks outdoors in the clean crisp air or maybe skiing, snowshoeing, etc. Or maybe you just survived the "Cabin Fever" syndrome that some experience at this time of the year not knowing what to do while being cooped up indoors. Maybe you took advantage of the time thinking about your family and your personal and financial future. When will you receive your 1099 or W2 from your employer? Will you get a tax refund or need to pay the IRS? You are thinking and planning about your future.

"It's That Time." It's Leap Year and you enjoyed the extra day that this quadrennial event brings your way. Depending on the State that you live in, maybe you also or soon will participate in another step in planning for your future. You might be voting in the Primary election for a Presidential candidate. You will need to consider picking an individual that you think will be the best person for providing the most opportunity for you, your family and country. You are thinking and planning about your future.

"It's That Time." For the majority of the country, Daylight Saving Time recently took effect. While we Spring ahead and you lost an hour (which, by the way, I am sure that you will find in the Fall as we switch back the clocks) surely you may be enjoying the extra hour of daylight. It may give you extra time to think and plan. You changed the batteries in the smoke and fire alarms as recommended at this time of the year. Maybe it's a plan for a vegetable garden where the entire family enjoys the fruits of your labor. This can save a family money while benefiting from the fresher fruits and vegetables that it provides. Maybe you are planning a future vacation. Where to go? Who to visit? How much time to allow for the trip? How much vacation time do you have? How will you travel - car, airplane, boat, etc.? How much money will it cost? How will you pay for it? Can you afford it? You are thinking and planning about your future.

"It’s That Time.” Tax time is almost here. All the preparations that you did over the past few months have paid off. You are ready to file your tax return. Or maybe you just have a few more items to finish or gather to bring to your accountant. Were your preparations sufficient enough so that your taxes can and will be filed on time? Or will you have to file for an automatic extension of time. Surely this will help you plan or will it? While you may be able to file for an extension for filing taxes, You CAN NOT get an extension for opening or adding to your IRA or other tax qualified account. April 15, 2008 is the absolute deadline for opening or adding to a Qualified Traditional or Roth IRA (Independent Retirement Account) Annuity for calendar year 2007 to take the tax deduction if you choose a Traditional over a Roth. This is the IRS rule whether you file by April 15 or by the extended date of October 15. We at the Polish Roman Catholic Union of America can assist you in opening or adding to either of these accounts only if we receive your contribution by April 15, 2008.

Applications for a new account or additions to an existing account along with the appropriate funds must be received in the Home Office of the Polish Roman Catholic Union of America by the end of the day of business on April 15, 2008 to qualify for a 2007 contribution. This cutoff date is mandated by the Internal Revenue Service not by us. For the 2007 calendar year, the maximum amount that can be placed in a "Qualified" IRA is $4,000 if you are under the age of 50 during the year. If you are 50 or over the age of 50, at any time during the year, you may qualify for an additional $1,000 (for a total of up to $5,000) deposit to your "Qualified" IRA account. Keep in mind that any amount up to the IRS limit can be made starting with as low as $300. (Note: There are no limits that can be deposited to a "Non-Qualified" account.)

Remember, with an Annuity, the money that you deposit into your account accumulates on a Compound Interest basis. This means that interest is paid on the funds that you deposit AND interest is ultimately paid on the interest that we credited to your account. It's money making money. WHAT A DEAL! And, unlike a Certificate of Deposit (CD) from a bank, the taxes on the interest that is earned are not payable until you make a withdrawal from your Traditional IRA account. By then you may be retired and possibly in a lower tax bracket. However, with a CD, the banks are required by law to report any interest earned each year to the IRS. This means that you will have to pay taxes on this interest at your current tax rate. This may be a significant amount of money.

Remember an Annuity is meant to assist and help you during your retirement years. It is meant to augment the Social Security benefit. Life insurance is meant to help and assist those whom you leave behind in the needs of their daily living. Each of these products is beneficial in your portfolio of financial tools.

At the Polish Roman Catholic Union of America we offer 3 different Annuities:

• MILLENNIUM SERIES - PAYING 5.5% APY

• CLASSIC SERIES - PAYING 5.0% APY

• PREFERRED SERIES - PAYING 4.5% APY

Note: These are good rates at today’s market conditions. The minimum contract guarantee for each of the above series is 3.0% through the life of the annuity certificate.

It's That Time." Maybe you also are thinking about purchasing more Life Insurance for yourself, your spouse or your children. Maybe you are also thinking about Life Insurance for your grandchildren. Remember the many benefits of having life insurance with the Polish Roman Catholic Union of America - home mortgage, scholarships and student loans, etc. Most important is taking comfort in knowing you’ve thought and planned for your future and the loved ones that you leave behind.

NOW while you are thinking about it, CALL so we may assist you with your Annuity and Life Insurance Certificate needs from the Polish Roman Catholic Union of America.

PUT YOUR MONEY TO WORK FOR YOU!

Contact your local PRCUA Agent/Deputy or one of the PRCUA offices in OH (800) 318-8234, PA (800) 558-8792 or WI (877) 690-5827 or the Home Office Membership Department toll-free at (800) 772-8632 or (773) 782-2600. We will answer your questions and help you determine what type of annuity or life insurance is best suited for your needs. We are here to help you, today and in the future.