Our Owners

distribution until the required age of 70-, can be a mistake. If your IRA grows tax-deferred and you are required to take a minimum distribution, you may find yourself paying taxes in a higher tax bracket whereas it may have made sense to start drawing earlier, which would have allowed you to remain in a lower tax bracket. At death, annuities must be withdrawn in a lump sum or over a 5-year period. Annuities are taxed when withdrawn, so your beneficiary will be required to pay tax on any annuity withdrawn after your death. If your tax bracket will be lower than your beneficiarys, it may make sense to draw down the annuity during your lifetime. Why Most people agree that they should pay their fair share in taxes, but you dont need to leave a tip. For retirees who are planning on leaving assets to beneficiaries, the situation is more complicated. In that case, you will need to coordinate your retirement planning and your estate planning. It may be more advantageous for you to withdraw from tax-deferred and tax-free accounts first, as these do not receive a step-up in cost basis at death. Keep in mind that different assets are treated differently in the tax code, and where you put those assets may also affect the tax treatment. Most often, where you take your withdrawals from will have short- and long-term consequence on your savings. Be sure to consult with your accountant or financial adviser before setting up a retirement income strategy. Daryl Dagit is a financial adviser with Savant Capital Management. Savant is located at 7535 North Knoxville Avenue in Peoria. For more information, visit www.savantcapital.com.

Not only are we a family-owned funeral home, were owned lo-

ILLINOIS

cally. Why should this be important to you? Because we answer to our own community our friends, neighbors, you. As for that funeral home chain, their owners are out-ofstate...where are their interests?

Their Owners
TEXAS

3 0 0 4 We s t L a k e Av e n u e Peoria, Illinois 61615

www.ClaryFunerals.com 309-686-0166

Midwest Ear, Nose & Throat Associates

BOARD CERTIFIED OTOLARYNGOLOGIST

Providers:
Robert T. Parrish, MD James C. Hertenstein, MD Michael J. Gootee, MD Ryan M. Hendricker, MD

Services:
Head & Neck Surgery Balloon Sinuplasty Offers Minimally Invasive Sinus Surgery In Office Mini CT Scanner using low dose radiation Voice and Swallowing Disorders Hearing Evaluation & Hearing Aid Dispensing
Morton Medical Center 1600 S. 4th Suite 120 Morton, Illinois 61550 OSF Center for Health 8600 N. State Rt. 91 Suite 300 Peoria, Illinois 61615

www.mw-ent.com
July 2013 Peoria Healthy Cells Magazine Page 41

309-691-6616