Also, the Roth contributions are nondeductible and taxed in the year they are earned. The Education IRA is a nondeductible account that features tax-free withdrawals for a child's higher education expenses. Distributions must be made during the year in which the education expense occurred . Annuities Meet with one of our licensed agents to set up a long-term investment that pays a guaranteed rate of interest, plus a bonus. Receive annual statements.
Interest is accumulated daily and credited and compounded annually.
Annuities can be left to a named heir or beneficiary which may pass to them without delay of probate. Annuities are Not FDIC Insured, May Lose Value, and are Not Bank Guaranteed. Payments for securities purchased and proceeds from sales can be settled automatically through a Bank of Granite checking or Money Market account. Brokerage Services are Not FDIC Insured, May Lose Value, and are Not Bank Guaranteed. Interest earned is exempt from state and local income tax and, in some cases, may be exempt from federal tax.