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© 2002 United Transportation Union Insurance Association
A Fraternal Benefit Society

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We know that in order to continue our current lifestyle after retirement, we need to supplement our railroad retirement or social security pension. The federal government recognized the fact that government retirement plans may not be adequate to ensure one's lifestyle and responded by establishing Individual Retirement Arrangements, such as Traditional and Roth IRAs.

Individual Retirement Arrangements and Flexible Premium Annuities are personal savings plans that provide tax advantages for setting aside money for retirement. In the case of a Traditional IRA and Flexible Premium Annuities, interest earnings are tax-deferred until withdrawn. In the case of a Roth IRA, interest is tax-free providing certain conditions are met.

The earlier you plan for retirement and start setting aside money for that retirement, the more successful your retirement plan will be.

Flexible Premium Deferred Annuity

Annuities are unique investment products that can help you save more for retirement; generate a guaranteed stream of income in retirement, or both. People saving for retirement may want to invest in this annuity after they have maxed out their 401(k) and IRA contributions. Assets in a fixed annuity offer a guaranteed rate of return for a number of years.

Roth IRA

The Taxpayer Relief Act of 1997 created an Individual Retirement Annuity (IRA) known as a Roth IRA, authorized by the federal government to help you accumulate funds for retirement. The Roth IRAs principal difference from most other tax advantaged retirement plans is that, rather than granting a tax break for money placed into the plan, the tax break is granted on the money withdrawn from the plan during retirement.

Traditional IRA

A Traditional IRA is a special savings plan authorized by the federal government to help you accumulate funds for retirement. The advantage of a Traditional IRA is that contributions are generally tax deductible. Whether your contribution is deductible depends on certain factors, such as participation in an employer sponsored plan; filing status; and your modified adjusted gross income.