Your tax refund could help you jump-start retirement savings

Congratulations! You got an early start and filed your taxes already this year, and now you’re looking forward to receiving your tax refund. What will you do with it? A new smartphone? A down payment on a new ride?

You could be tempted to splurge on something expensive you’ve been wanting. But you may want to think a little further down the road. What about retirement? You may want to consider using your refund to start an Individual Retirement Annuity (IRA) or Roth IRA from Horace Mann Life Insurance Company (if you don’t already have one).

An IRA can provide a supplemental source of income when you are ready to retire. It’s also possible to provide income that is tax-free if it’s a Roth IRA (if you’ve had the Roth IRA more than five years and are age 59½ or older).

While you can’t show it off to your friends right now, think of how an IRA may bring your retirement just a little closer to reality. See your Horace Mann representative for more information.

The information provided here is for general informational purposes only and should not be considered a recommendation or personalized investment advice.

Horace Mann Life Insurance Company underwrites Horace Mann annuity products. While you can receive the benefits of tax deferral in any product used in an IRA, an annuity offers additional benefits, including a death benefit and the opportunity to choose lifetime income options. In order to offer these benefits, there will be additional fees included in the annuity. There are no additional tax benefits in an annuity when used in an IRA. Annuities should be considered long-term investments. Each individual needs to carefully review the benefits, charges and fees of Horace Mann’s annuity products, as well as the underlying investment options, where applicable, and make an independent determination whether to purchase the product.

This information is not intended to be tax advice. The factors which affect your decision to contribute to a traditional or Roth IRA are complicated and can change each year. Contributions to traditional and Roth IRAs are aggregated for purposes of annual limits. If you take money out before age 59½, you could be subject to a penalty tax of 10% in addition to income taxes. This is not intended to be tax advice. You should consult with a tax adviser regarding any tax-favored products and your specific situation.

WBTL-0840 (Feb. 21)

© 2023 Horace Mann Educators Corporation

CUSTOMER SERVICE Call 800-999-1030

  • Auto and Property
    M – F, 7 a.m. - 8 p.m. Central time.
  • Life, Annuity and Group
    M – F, 7 a.m. - 7 p.m. Central time.