Financial Services

Larrow Insurance has a wide array of options to help you save for your retirement or other financial goals. With our extensive knowledge and expertise, we can help you in many different aspects of saving for your future. With Larrow Insurance, you can trust that we’ll always put your interests first and make sure you understand all of your available options.

Ready to review your retirement options? Schedule an appointment today to have one of our financial professionals review all of your options.

Areas of Expertise

A 403(b) is a retirement plan set up by your employer that allows you to set aside money for retirement on a pre-tax basis through salary reduction. Your contributions and earnings in a 403(b) grow tax-deferred until you make a withdrawal, presumably at retirement.

 2020 Maximum Contribution:

$19,500 (Under 50)
$26,000 for 50+

A 457(b) is a program set up by your employer and allows you to set aside money for retirement on a pre-tax basis through salary reduction. Your contributions into a 457(b) and any earnings grow tax-deferred until you make a withdrawal, presumably at retirement. If you already have a 403(b) and have paid the maximum amount into it, you may be able to use a 457(b) to increase the amount you are putting aside for retirement.

2020 maximum contribution:

$19,500 (Under 50)
$26,000 for 50+

A traditional individual retirement annuity (IRA) is a type of retirement plan that allows earnings to grow tax-deferred. An IRA also offers the possibility for tax-deductible contributions up to the maximum limit if you meet certain requirements. Tax-deductible contributions have eligibility requirements based on income, filing status and participation in other retirement plans. You don’t pay income taxes on tax-deductible IRA payments or any earnings until you withdraw money, which is usually at retirement.

Similar to other retirement plans, IRA’s have annual contribution limits. The annual contribution limits for IRA’s are significantly lower than 403(b) or 457(b) plans. Your total payments (to Roth and traditional IRAs) may not exceed the limit established by the IRS for that year.

2020 maximum contribution:

$6,000 (under age 50)*
$7,000 (age 50+)*

*subject to meeting income requirements

Are you a business owner? We also offer SEP (Self Employment Plan) and SIMPLE IRA’s that can allow you to contribute more money per year and are not subject to the same income requirements. Contact us today for more information about these offerings.

A Roth individual retirement annuity (Roth IRA) is a type of IRA where earnings are tax-deferred and premium payments are not tax-deductible. In addition, if certain conditions are met, the earnings will be tax-free. To establish a Roth IRA, you must meet income eligibility requirements.

Roth IRAs have annual premium payment limits that are the same as traditional IRAs and can be further limited if payments are also made to a traditional IRA. Your total payments (to Roth and traditional IRAs) may not exceed the limit established by the IRS for that year.

2020 maximum contribution:

$6,000 (under age 50)*
$7,000 (age 50+)*

*subject to meeting income requirements

An annuity is a contract between an investor and a life insurance company that allows the investor to put away money for retirement. Annuities can provide a lump sum payment or periodic payments at specified intervals, usually after retirement.

There are a few different types of annuities that are available depending on the level of risk an investor is willing to take, and they can be qualified or non-qualified for certain tax benefits. 

Annuities may be issued in connection with qualified retirement plans or arrangements (qualified annuities) or issued as a non-qualified annuity.  All annuities receive tax deferral on the earnings. 

Purchasing an annuity as an investment vehicle for a qualified retirement plan or arrangement does not provide any additional tax advantage beyond that already available through the qualified plan or arrangement. 

What would you do if your income stopped due to injury or illness? Disability insurance offers a way to protect you from these types of unexpected circumstances. Educators in Rhode Island do not pay into temporary disability insurance (TDI), and therefore are extremely vulnerable. Our RI teachers who are members of the NEARI union can take advantage of a group plan, which offers reduced rates and has a guaranteed issue option. Our short-term disability policy can offer benefits of six months or one year and up to 60% of your income.

If you’re a teacher and retirement is years or even decades away, or if it’s right around the corner, you will benefit from having a better understanding of how your teachers’ retirement program will contribute to your income after retirement. Our team is well versed in both the Connecticut Teachers’ Retirement System (CTRS) and the Employees Retirement System of Rhode Island (ERSRI) and we offer free educational workshops on the retirement system in our local schools. We are also available to meet with educators individually to answer specific questions and estimate their benefits.