Individual Retirement Accounts (IRAs)
WHAT IS AN IRA?
Individual Retirement Arrangements (IRAs) can be a great way for almost anyone to save for retirement while enjoying some tax benefits on the side. These tax benefits will vary based on the type of IRA you open. And if you already have a 401k or other tax-advantaged retirement account, an IRA can still be a good way to augment your retirement income. You can even set up different kinds of IRAs with a variety of organizations, such as a bank, a mutual fund, or life insurance company.
TYPES OF IRAS
There are two types of IRAs, referred to as the traditional IRA and the Roth IRA. One of these two IRAs may be appropriate for you, depending on how close you are to retirement. Both are tax-advantaged, but in different ways which will be covered in more detail later.
In general, an IRA allows you to either defer paying taxes on income placed in the account until a later date, or avoid paying taxes later on any withdrawals from the account. Whichever IRA you choose, you will be saving money on your tax bill.
First Senior Financial Group’s IRA Strategies
First Senior Financial Group’s skilled educators can help you decide the best way to proceed with your IRA. Armed with close knowledge of ever-changing IRA laws, our educators can custom-tailor a strategy that will suit your needs.