You should begin planning for your retirement as soon as possible in your life and career but starting at any point is better than not planning at all. Whether you are just starting in the workforce or establishing your career it is a good idea to also be planning for your retirement.
We can be your investment adviser in managing your retirement funds. Whether you are employed by a large company, a self employed professional or run your own business, we believe that you should take advantage of all the available retirement options.
Below is a brief description of the most popular IRA choices:
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IRA
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Most popular retirement plan. Normally set up by individuals and contributions are generally tax deductible. Principal and any earnings grow tax deferred till withdrawal. A traditional IRA is a personal savings plan that has tax advantages when used for saving money for retirement.
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Roth IRA
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Normally set up by individuals and contributions are made with after-tax dollars. Principal and earnings grow tax free. Unlike traditional IRA contributions, Roth IRA contributions are not tax deductible from your income, but qualified withdrawals are not taxable. Also, unlike traditional IRAs, there are no required distribution at age 701/2. Thus, an individual can keep a Roth IRA as long as they are alive. One advantage of the Roth IRA is that principle, but not earnings, can be withdrawn tax and penalty free at any time.
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Rollover IRA
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Opened when you change jobs or retire and "rollover" your retirement account from your previous employer's qualified retirement plan, usually a 401K plan, a 403b plan, or a TSP plan. Withdrawal rules are the same as those of a regular IRA account. No annual IRA contributions are allowed into a rollover account, but you can make annual contributions to a new or pre-existing regular IRA account.
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