Saving for retirement with a 403(b) plan

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1 Saving for retirement with a 403(b) plan

2 2 Saving for retirement with a 403(b) plan

3 Saving for retirement with a 403(b) plan Retirement can be a welcome turning point in your life a time to enjoy hobbies, travel, or even launch a second career. To enjoy the confident retirement you envision, it s important to start saving early and plan ahead. And with increasing life expectancies, you may need to plan for a retirement that could last years or more. One way to save for your retirement goals is through your employer-sponsored 403(b) plan. Working with an Ameriprise financial advisor allows you to create a 403(b) account that is invested based on your individual situation. When you invest in a 403(b) plan, you can: Lower your income taxes. The dollars you contribute to your 403(b) are generally tax deferred. Keep your earnings invested longer. Earnings in your 403(b) are not taxed until withdrawn. Pay yourself first. Regular contributions to your 403(b) are automatically deducted from your paycheck, making it more affordable to build your retirement fund by saving incrementally. This brochure explains key benefits of a 403(b) plan and answers some commonly asked questions. An Ameriprise financial advisor can provide more information and help you get started. What is a 403(b) plan? A 403(b) plan is a retirement account available to employees of public schools, colleges, universities and certain tax-exempt 501(c)(3) organizations, which may include nonprofit hospitals, religious and charitable organizations, museums, libraries and symphony orchestras. A 403(b) plan helps you systematically save a portion of your earnings in a special retirement account on a pretax basis. Saving for retirement with a 403(b) plan 3

4 Why start early? The sooner you start saving, the more assets you can accumulate by the time you retire. When you invest in a 403(b) plan, taxes on your contributions and earnings are deferred. That means you ll have more money to invest now and your savings will have more time to grow, or compound. Here s how compounding works: When an investment generates earnings, those earnings are reinvested to generate even more earnings. That s why compounding can have such a powerful effect on your financial picture. Start early for the biggest growth (dollars accumulated at age 65) 1 $1,142,141 Assumes $325 monthly investment until age 65 at 8% annual growth $487,595 $192,707 $59, Age you begin saving 55 Source: RiverSource Life Insurance Company. 1 These returns are based on a hypothetical compounding example. The performance shown in the hypothetical example does not represent the performance of any specific investments and does not imply any guaranteed rate of return. The value and return on most investments will fluctuate. There is no guarantee of future results. Income taxes are due upon distribution. 4 Saving for retirement with a 403(b) plan

5 How much can I contribute? In 2012, you can contribute 100% of your salary, not to exceed $17,000, into a 403(b). If you re age 50 or older and defer a percentage of your salary into a 403(b) plan, you may be able to contribute an additional $5,500 in catch-up contributions in Your plan may allow catch-up provisions depending on length of service with your employer and your past contributions to a 403(b). Talk with your financial advisor or tax advisor to find out more about catch-up contributions. Can I stop or change the amount of my contributions at any time? Generally, yes; however, payroll deduction contributions must be changed, stopped or resumed in keeping with the rules established by your employer, and your contributions may not exceed the maximum contribution limits. How do I get started with an Ameriprise 403(b) account? Participation is easy and convenient. You choose a contribution amount (usually a percentage of your salary) and an Ameriprise financial advisor will help you make investment selections and complete the necessary paperwork. Your employer will then begin payroll deductions and your money will be invested in the accounts you selected. If I change employers, can I still contribute to my Ameriprise 403(b) account? If your new employer sponsors a 403(b) and has selected Ameriprise Financial as an approved investment provider, you may continue contributing to your Ameriprise 403(b) account. If Ameriprise Financial is not an approved provider, talk with your financial advisor about getting Ameriprise approved so you can continue contributing with a company you know and trust. If you re no longer eligible to contribute to a 403(b) plan, you can leave your money in your retirement account, where it will continue to accumulate tax deferred until you withdraw it. Saving for retirement with a 403(b) plan 5

6 Am I allowed to have an IRA or other retirement plan in addition to my 403(b) plan? You may contribute to a traditional IRA even if you participate in a 403(b). If you fall within the modified adjusted gross income limits, you may be able to deduct your contributions from your income taxes. You also may be eligible to contribute to a Roth IRA instead of a traditional IRA. The maximum amount you can contribute to a 403(b) plan may be reduced by the contributions you and your employer make to other qualified retirement plans. Your contributions to a 403(b) plan can also affect your contributions to other qualified retirement plans. Can I have more than one 403(b) account? There s no limit on the number of 403(b) accounts you may have, but your total contributions to all accounts cannot exceed the limit set by law. Can I roll over a distribution from another retirement plan to my Ameriprise 403(b) account? Yes, if your 403(b) plan accepts rollover contributions. When you change jobs or retire, you may receive a distribution from a previous employer s retirement plan. At that point, you have three options: Keep the distribution and pay taxes and possible penalties for early withdrawal Roll over the distribution to an IRA Roll over to another eligible retirement plan, including your 403(b) account If I leave my employer, can I roll over my 403(b) into a new employer s plan? Yes, if your new employer s plan accepts rollover contributions. Eligible distributions from a tax-qualified account like a 403(b) can be rolled over to any other type of retirement plan (including an IRA) that accepts such rollovers. 6 Saving for retirement with a 403(b) plan

7 What are my investment choices? The Ameriprise 403(b) account offers flexibility in your choice of investments, which may include annuities, managed accounts and mutual funds. Your Ameriprise financial advisor will consider your risk tolerance, age, financial goals and existing investments to help you select the investments that are right for you. And when you re ready to retire, your financial advisor can help you choose the right distribution options to ensure a steady stream of retirement income. When are distributions allowed? You can withdraw funds from a 403(b) plan any time after you reach age 59½, if the plan permits. You may also make withdrawals before age 59½ if you meet one of the following triggering events: Separation from service Death Disability Financial hardship In most cases, when you receive a distribution from your 403(b), a mandatory 20% federal tax withholding will apply. You can avoid this tax withholding if you transfer or directly roll over your distribution to a new 403(b) plan, another qualified retirement plan, or an IRA. Is there a penalty for withdrawals prior to age 59½? Withdrawals prior to age 59½ are generally subject to a 10% tax penalty (in addition to regular income tax) unless the distribution qualifies as one of the following exceptions: Separation from service after age 55 Death Disability Part of a series of substantially equal periodic payments Medical expense deduction under IRC Sec. 213 The 10% IRS penalty for early withdrawal can be avoided by rolling over the distribution (including the taxes that were withheld) within 60 days of receiving the distribution. Saving for retirement with a 403(b) plan 7

8 What distribution options are available after I retire? The Ameriprise 403(b) account offers flexible payout options. You can choose a lump-sum distribution, systematic payouts based on a specific time period or dollar amount, or payments customized to your situation. When am I required to take distributions from my 403(b) plan? Distributions from a 403(b) plan must generally begin no later than April 1 of the calendar year following the year in which you reach age 70½ or retire, whichever is later. What issues do I need to consider when planning for retirement? Inflation is one important issue that can significantly decrease your spending power in retirement. In particular, the increasing cost of medical care can interfere with a comfortable retirement. Diversifying your investments * can help you prepare for these financial demands and reduce the impact of market ups and downs especially if you re near retirement. Ameriprise Financial can help you prepare to meet the challenges of inflation and other financial demands that could affect your retirement plan. How can managed accounts help me achieve my retirement goals? Managed accounts feature a personalized, asset-based advisory relationship that offers clients a broad range of sophisticated investment solutions for implementing an optimal asset allocation strategy. * * Diversification/asset allocation do not assure a profit and do not protect against loss in declining markets. 8 Saving for retirement with a 403(b) plan

9 What are the benefits of a variable annuity? When you save for retirement through a variable annuity, you are entering a contract with an insurance company. In return for your investment, you are paid income for a specified time or for your entire life. Using an annuity to fund a tax-deferred retirement plan won t provide any additional deferral for that retirement plan. However, annuities do have other features that may help you reach your retirement goals: Access to a broad range of investment options You can invest in subaccounts that include stocks and bonds (or a blend of the two) that have the potential to perform well in a variety of market conditions. Flexible income options At retirement you can choose to take a lump sum withdrawal, set up systematic payments or choose an income stream that can be guaranteed to last as long as you live. Transfer your wealth Death benefits guarantee your beneficiaries will receive at least the value of your original investment minus any withdrawals. For an additional charge, variable annuities may provide optional benefits that include guaranteed minimum income even if markets decline, the ability to increase your retirement income by potentially locking in market gains, and enhanced death benefits for beneficiary protection. Guarantees are based on the claims-paying ability of the issuing company and don t apply to the performance of the variable subaccounts, which will change with market conditions. In return for the benefits and protection they provide, variable annuities carry fees and expenses, including a Mortality and Expense fee, and subaccount expenses. You may also incur surrender charges, optional rider expenses and a contract charge. Surrenders that don t qualify for a waiver may be subject to a surrender charge. Withdrawals are subject to income taxes and surrenders before age 59½ may incur an IRS 10% early withdrawal penalty. How can mutual funds help me achieve my retirement goals? Ameriprise Financial offers a variety of mutual funds for your 403(b). Mutual funds pool your money with other investors money to purchase a large portfolio of stocks, bonds, money market securities or a combination of all three, depending on the goal of the fund. You can transfer accumulated values between funds daily. Saving for retirement with a 403(b) plan 9

10 Ameriprise can help you plan for today and tomorrow Your retirement is important, but it isn t your only financial concern. Our advisors have the tools and resources to help you meet the needs you have today while you plan for tomorrow. We look at all aspects of your finances and consider your complete financial picture to help you plan for your goals. Your complete financial picture includes: Cash & Liabilities Manage your cash and reduce debt, so you can find money to address both your cash-flow needs and long-term goals. Protection Avoid unforeseen burdens on your savings and investments by protecting your assets against the unexpected. Cash & Liabilities Your dreams Protection Dream > Plan > Track > Investments Taxes Investments Explore new investment options that align with your longer-term objectives, like a new home or your children s education. Taxes Consider additional strategies that allow you to diversify the tax status of all your investments, recognizing that your 403(b) is already a tax-advantaged way to invest. 10 Saving for retirement with a 403(b) plan

11 Saving for retirement with a 403(b) plan 11

12 The Ameriprise Financial Story We are, and have been for over a century, a company on a mission. Our advisors help clients achieve their financial goals through personal financial planning and advice. Over the years, we ve helped millions of people invest and save billions of dollars for what s important to them. The strength of our commitment is matched only by our strength as a company. Through downturns, recessions, booms and even depressions, we have always honored our financial obligations to clients. In today s complex financial world, our advisors help clients by providing a steady voice, a listening ear and a clear vision of financial opportunities and pitfalls. Through their ongoing relationship with you, our advisors identify and tailor solutions for your specific needs. That s how, together, we help put more within reach for you and your loved ones. Financial Planning Retirement Investments Insurance Banking Ameriprise Financial 200 Ameriprise Financial Center, Minneapolis, MN ameriprise.com Variable annuities are insurance products that are complex, long-term investment vehicles that are subject to market risk, including the potential loss of principal invested. Variable annuities are not federally or FDIC insured and are not a deposit of or guaranteed by any bank or any bank affiliate. All guarantees are based on the continued claims paying ability of the issuing company and do not apply to the performance of the variable subaccounts, which will vary with market conditions. You should consider the investment objectives, risks, charges and expenses of mutual funds and variable annuities carefully before investing. For a free prospectus, which contains this and other important information about our funds, call 1 (800) (mutual funds) or 1 (800) (variable annuities). Read the prospectus carefully before you invest. Investment products, including shares of mutual funds, are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services described may not be available in all jurisdictions or to all clients Ameriprise Financial, Inc. All rights reserved N (3/12)

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