Savings Plans for Every Stage of Life: 4% Growth, No Fees
Пенсійні рахунки, заощадження на навчання та страхування життя для всієї родини. Ми розмовляємо українською.
The short answer: Providence Association helps you save for retirement, college and your family’s future. Our annuities, Traditional IRAs and Roth IRAs currently earn 4% a year, with a 3% lifetime guaranteed minimum, no fees and a $1,000 minimum opening deposit. Our whole life insurance protects your loved ones and builds cash value you can use during your lifetime.
The current rate is set by Providence’s board and can change. It never drops below the guaranteed minimum.
Find the right plan for your goal
Traditional IRA or Roth IRA
Save up to $7,500 a year in 2026 ($8,600 if 50+) with a tax break now or tax-free income later.
IRA and Roth IRAAnnuity
No IRS yearly limit, tax-deferred growth, and the option of guaranteed income for life.
AnnuitiesSEP or SIMPLE IRA
Simple, low-cost retirement plans for business owners, the self-employed and their employees.
SEP IRACollege Tuition Fund
Use an IRA or annuity to save for tuition. Children with Providence coverage can qualify for scholarships.
College Tuition FundWhole Life Insurance
Lifetime coverage with a premium that never goes up, plus cash value that grows tax-deferred.
Whole Life InsuranceYouth Life Insurance
$25,000 of permanent coverage for about $25 to $40 a month, fully paid up in 20 years.
Youth Life InsuranceCompare Providence savings options
| Plan | Best for | Tax benefit | How to start |
|---|---|---|---|
| Traditional IRA | Lowering your taxes today | Contributions may be deductible, and growth is tax-deferred | $1,000 minimum deposit |
| Roth IRA | Tax-free income in retirement | Qualified withdrawals are tax-free | $1,000 minimum deposit |
| Annuity | Saving beyond IRA limits | Growth is tax-deferred, with no yearly limit | $1,000 minimum deposit |
| SEP / SIMPLE IRA | Business owners and employees | Employer contributions are deductible, and growth is tax-deferred | Contact us |
| Whole life insurance | Protecting your family while building cash value | Cash value grows tax-deferred, and the death benefit is generally income-tax-free | Estimate your premium |
Save for retirement
We’re living longer, and Social Security alone usually won’t cover the life you want in retirement. The earlier you start, the more time your money has to grow. For example, $1,000 plus $100 a month at 4% from age 25 could grow to about $123,100 by 65. This is an illustration that assumes the rate stays at 4% and leaves out taxes.
An IRA is the easiest place to start, and you can have one even if you already have a 401(k) at work. Want to save more? Add an annuity, which has no IRS yearly limit. Changing jobs? We’ll roll over your 401(k) directly, with no tax or penalty.
See our Retirement planning guide, read How much is enough?, or try our retirement calculators.
Save for education
The IRS lets you take IRA money out before age 59½ for qualified college costs without the 10% additional tax, so an IRA can double as a college fund. Annuities are also popular with grandparents, and with parents who had children later in life, because their withdrawals often come after age 59½.
When you insure a child with at least $5,000 of Providence coverage, they can qualify for up to $5,000 in Providence scholarships for college. Learn more on our College Tuition Fund page.
Annuities: save more, with no yearly limit
An annuity has no IRS contribution limit, so it’s a smart next step after you’ve maxed out your IRA or 401(k). Your money earns 4% tax-deferred, and you pay tax only on the earnings when you withdraw them. When you’re ready, you can create your own withdrawal plan or choose guaranteed monthly income for life.
Withdrawals before age 59½ may owe a 10% IRS additional tax on earnings. Providence may also charge for withdrawals in the first six years. Learn more about annuities.
SEP and SIMPLE IRA plans for small businesses
SEP IRA: Best for the self-employed and businesses with just a few employees. The employer makes the contributions, using the same percentage of pay for everyone, and the amount can change each year. Employees can still contribute to their own Traditional or Roth IRA.
SIMPLE IRA: A low-cost alternative to a 401(k) for businesses with up to 100 employees. In 2026, employees can contribute up to $17,000, or more with age-50+ catch-up contributions. The employer either matches up to 3% of pay or contributes 2% of pay for every eligible employee.
Life insurance: protection and savings in one
Life insurance is the foundation of a family savings plan. If something happens to you, it replaces your income and helps your family keep their home, pay off debts and stay on track with goals like college.
With Providence whole life insurance:
- Your coverage lasts your whole life
- Your premium never goes up
- Your policy builds cash value that grows tax-deferred, which you can borrow against
- Your death benefit is generally paid to your beneficiaries free of federal income tax
The younger you buy, the lower your premium.
For you and your spouse
- Whole Life Insurance: permanent coverage that builds cash value
- 20-Pay Whole Life: fully paid up in 20 years
- Blended coverage: combine permanent and term coverage to fit your budget
For your children and grandchildren
- Gift of Love Life Plan: $25,000 of coverage, paid up in 20 years
- One and Done: $10,000 or more with one payment
- Youth term life: ages 0 to 30, convertible to permanent coverage with no medical exam
For final expenses
- Single Premium Whole Life: pay once to cover funeral costs
- Burial Reserve Trust Annuity: earns 4%
- Final expense estimate
How much coverage do you need? A common starting point is 6 to 8 times your yearly income. A fuller estimate adds your mortgage, debts and college goals. Use our life insurance needs guide, read The Simple Guide to Life Insurance, or see our life insurance FAQs.
How to get started
- Talk to us. Call 877-857-2284 or (215) 627-2445, or email sales@provassn.com. We’ll help you build the right mix of savings and protection, in English or Ukrainian.
- Choose your application. Print the annuity and IRA application or the life insurance application. Both are also on our Forms page.
- Open your account with $1,000 or more for an annuity or IRA, or estimate your life insurance premium.
Providence Association is a not-for-profit Ukrainian Catholic fraternal benefit society, serving members since 1912. As a member, you also get fraternal benefits such as scholarships. We are licensed in Pennsylvania, New Jersey and Michigan.
Savings and life insurance FAQ
What savings plans does Providence Association offer?
Providence offers annuities, Traditional IRAs, Roth IRAs, SEP and SIMPLE IRA plans for small businesses, and whole life insurance with cash value. Retirement savings products currently earn 4% a year with a 3% lifetime guaranteed minimum and no fees.
What is the minimum deposit for a Providence annuity or IRA?
The minimum opening deposit for a Providence annuity, Traditional IRA or Roth IRA is $1,000.
Does Providence charge fees on savings plans?
No. Providence charges no maintenance fees, administrative charges or loads, so every dollar you deposit earns interest. Charges may apply only to early withdrawals.
Can I use an IRA to save for my child's college?
Yes. The IRS lets you take IRA money out before age 59½ for qualified higher education costs without the 10% additional tax, although income tax may still apply to earnings. Grandparents often use an annuity to help with tuition.
Why is whole life insurance part of a savings plan?
Whole life insurance protects your family for life and builds cash value that grows tax-deferred. You can borrow against the cash value, and the death benefit is generally paid to your beneficiaries free of federal income tax.
Does Providence offer life insurance for children?
Yes. The Gift of Love Life Plan provides $25,000 of permanent coverage, fully paid up in 20 years, for about $25 to $40 a month. The One and Done plan provides $10,000 or more of permanent coverage with a single payment. Children with at least $5,000 of coverage qualify for up to $5,000 in Providence scholarships.
How much life insurance do I need?
A common starting point is 6 to 8 times your yearly income. A more complete estimate adds your mortgage, debts, final expenses and goals such as college, then subtracts savings you already have. Providence can help you work out the right amount.
This page is general information, not tax, legal or investment advice. Rates, premiums and terms can change. Life insurance is subject to underwriting and approval. Annuities, IRAs and life insurance are not bank deposits and are not FDIC insured. 2026 limits are from the IRS. Please consult your tax advisor about your situation. Last updated October 2026.