The Peoria Scottish Rite was first established in Yates City, Illinois on February 25, 1867. The Scottish Rite moved to Peoria in 1869, and met in three locations before constructing our beautiful Cathedral. The cornerstone of our Cathedral was laid on May 7th, 1924, and our Cathedral has been our home for over 90 years. The question now is: how many more years will we survive in this cathedral and as a Scottish Rite Valley?
The Foundation was established to help preserve our beautiful Cathedral for many generations of new Scottish Rite members. However, our current financial problems are not caused by a lack of support from the Foundation. The real cause is a lack of support from our members in replenishing themselves by bringing in new members to at least replace themselves, or to grow by inviting friends and neighbors to become members of our Masonic Fraternity and the Valley of Peoria.
We thank those who have worked diligently to maintain our membership, and ask those who have not to please join the cause of preserving our Scottish Rite Valley by talking to your friends about the value of membership in the Masonic Fraternity and our Scottish Rite Valley.
Also, many thanks to all who have made donations, small, large, any size, to our Foundation to preserve our beautiful Cathedral.
Have you considered what your legacy gift to the Scottish Rite Valley of Peoria Foundation might be? Naming the foundation as a beneficiary of an annuity, I.R.A., or an insurance policy is one way to greatly impact our Valley’s future in a positive manner. This, plus telling your friends and neighbors about the Masonic Fraternity and the wonderful life changing experiences they could have as members. Be sure to have a petition handy when you do this!
Your “legacy gift” could make a difference in helping our Valley help the next generation of members to experience the beauty of our cathedral. Please consider the possibilities.
Thank you for considering making a gift to Valley of Peoria Freemasons Foundation, and a gift to the preservation of our fraternity by talking to your friends and neighbors about Freemasonry and the Valley of Peoria. John B. “Jack” Hall, 33°, Foundation President 309-346-5066 – leave a message or E-mail: firstname.lastname@example.org
What should I do to prepare for retirement? You could consider an IRA, but which kind, as there are two options: Traditional and Roth.
The money you invest in a traditional IRA is not taxed until you withdraw the money after you retire (after age 59 ½). The amount withdrawn will be taxed as income at your current income tax rate. The IRA funds may be invested any way you wish; CD’s (current interest rate is very low); stocks (some risk here but better returns if invested wisely), or other options.
The tax breaks for a Roth IRA different. Unlike a contribution to a traditional IRA; the contributions to a Roth IRA are taxable at your current tax rate, but are tax free when you withdraw the funds (the Roth IRA must have been open for a minimum five years and you must be older than age 59 ½). All gains that you have accumulated over the years are now tax free. In other words, your investments in a Roth may be better for you than paying taxes later on the value of your investments after several years of good returns.
Here is an important question for all of us to ponder. Have you considered what your legacy gift to the Scottish Rite Valley of Peoria Foundation might be? Naming the foundation as a beneficiary of an annuity, I.R.A., or an insurance policy is one way to greatly impact our Valley’s future in a positive manner. Your “legacy gift” could make a difference in helping our Valley help the next generation of members to experience the beauty of our cathedral.
Many of our Brothers add a donation to the Foundation when paying their annual dues, and these gifts are also important for our Valley. Thank you for considering making a gift to Valley of Peoria Freemasons Foundation. Any donation, large or small, is always appreciated.
John B. “Jack” Hall, 33°, Foundation President 309-346-5066 – leave a message, E-mail: email@example.com
IRAs - Regular and Roth
Social Security usually provides approximately 40% of the average person’s retirement income, and an Individual Retirement Account (IRA) is an essential addition for a successful retirement. Your IRA has two main benefits—contributions to a regular IRA are from pre-tax income and there is tax-free growth. There is another version of an IRA called a Roth IRA that is funded with after-tax income.
The majority of larger IRAs are funded through rollovers from retirement plans through your employer, such as a 401(k) plan. Your qualified plan through a business is normally funded with pretax income. Both types of these plans also benefit from tax free growth. Your IRA will continue to grow tax free, but future distributions will be taxable.
After you reach age 70½, there are required minimum distributions (RMDs). The distributions start at approximately 3.8% at age 71 but increase with age each year. The distribution is calculated using your balance on December 31 multiplied by the appropriate percentage, and must be taken by the end of the next year. If you fail to take your distribution, there is a 50% penalty, so an error or an intentional disregard of the RMD rules is quite rare.
An IRA to Roth IRA rollover may also be permissible for you. The value of the IRA will be included in your taxable income, so you may owe a substantial income tax for the conversion. The primary benefit of the conversion to the Roth is that a Roth IRA does not have a mandatory distribution requirement at age 70½. The funds may be permitted to grow tax free and also may be withdrawn tax free during retirement years. If the owner of a Roth IRA does not make withdrawals, then the Roth may be transferred to children, who may make tax free withdrawals over their life expectancy.
You may also use an IRA Charitable Rollover for all or part of your RMD. IRA charitable rollovers are tax-free, not included in adjusted gross income and may fulfill part or all of your required minimum distribution (RMD). You could reduce your taxes and also help the Valley of Peoria Freemasons Foundation by including our Valley in part your charitable rollover gifts. Of course, any donation, large or small, is always appreciated. Many small donations add up to large amounts! These donations are received from you, our Brothers, and are used to help maintain our beautiful cathedral.
John B. “Jack” Hall, 33°, Foundation President 309-346-5066 – leave a message E-mail: firstname.lastname@example.org
Valley of Peoria Ancient Accepted Scottish Rite To contact us Phone: (309)676-4472