Let’s work together to find a path to the retirement of your dreams.
Whether retirement is decades away or just around the corner, we’ll share the journey together. We’ll start by getting to know your wants, needs, goals, and dreams. We’ll answer every question, explain all your options, and then together, we’ll develop a savings and investment strategy that is uniquely yours.
Retirement planning is about finding just the right formula to get you from where you are to where you want to be in the time you have to get there. We understand this balancing act, because we’ve been helping people in our community reach their retirement goals for generations. Your own advisor will help you determine how much you need for retirement and assist you in determining an investment and withdrawal strategy to make your money last.
Know Your IRAs
Our experienced advisors will support you in understanding the IRA choices available and choosing the IRA option that best fits your plan. Until we can talk, here’s some simple information to help you understand the IRA landscape a little better.
With a traditional IRA, money deposited into the account may be tax-deductible and is not subject to income tax until you withdraw your funds. This ability to delay when taxes are paid can be an advantage to some investors.
In a roth IRA, the contributions you make have already been taxed and are not tax-deductible. Since you’ve already paid taxes on these funds, you are not subject to income tax at withdrawal. You can even take certain early distributions without paying an early withdrawal penalty. If you have had your roth IRA for more than 5 years and are at least 59 ½ years old, distributions from the account are tax-free and penalty free. This means that the earnings your roth IRA generates are considered tax-free.
If you have a 401(k) or an employer-provided qualified retirement plan from a previous employer, one of your options is to roll over the funds into an IRA. This rollover IRA prevents you from having to pay taxes or withdrawal penalties at the time funds are transferred and could help you defer income taxes for years. You may also have more investment choices available to you than were offered in your employer-provided retirement plan.
An IRA can offer advantages as a way to pass along money to your family or other beneficiaries. IRS regulations allow the ability to extend IRA benefits over time, with an election of annual payments for the life of the recipient or for a fixed number of years. There is also the option of a lump sum payment, and spouses can rollover an Inherited IRA into their own IRA. We’re happy to discuss your options if you are inheriting an IRA or your estate plan includes IRA assets.