Individual Retirement Accounts

Individual Retirement Accounts are tax-advantaged accounts that individuals, not employers, fund to increase their personal retirement savings. These accounts are opened by the you, the individual, either personally or with the assistance of a financial advisor, and are not tied to employment at a certain institution. These accounts allow an individual to save for retirement with tax-free growth or on a tax-deferred basis, and these individuals are eligibile to open an IRA if they earn taxable income annually. An IRA is a retirement investing tool for employed individuals that allows an annual contribution of 100% of earned income up to $6,000, or $7,000 for those 50 and older (Kaplan Financial Education).

We provide financial planning services for the following Individual Retirement Account types:

  • Traditional IRAs
  • Roth IRAs

 Questions you may have that we can help with:

  1. How much can I contribute to my IRA this year?
  2. Am I eligible to contribute to my IRA due to my high/low income?
  3. What are the advantages of a Roth IRA vs a Traditional IRA? Should I make the switch?
  4. Which type of IRA makes sense for my long-term goals?

Traditional IRAs and Roth IRAs are long term savings vehicles

**This table shows a simplified overview of the difference between the two types of IRA's. There are guidelines and rules that have to be met**

Source: Smart Financial Strategies