Individual Retirement Account/IRA

Individual Retirement Account

Is an Individual Retirement Account (IRA) Right for You?

It’s never too early or too late to begin saving for retirement with an Individual Retirement Account (IRA). This is an account that you establish with a financial institution that allows you to set aside money on a pre-tax basis. Many self-employed people establish these types of accounts as do those who may no longer qualify for an employer-sponsored 401(k) due to a reduction in hours. As experienced financial professionals, Macino Financial will help get you in the best possible position for eventual retirement.

Types of Retirement Savings Accounts

We take the time to get to know you before recommending one type of Individual Retirement Account (IRA) over another. We learn about your current work status, retirement goals, lifestyle, and other personal attributes so he can provide trustworthy council. The three types of IRAs for you to consider include:

  • Traditional IRA: This type allows you to contribute money on a schedule that you determine. If you’re comfortable with the risk, you can place your funds in stock or another type of investment account so they earn you a higher return. The current tax-deferred limit is $5,500 annually for people under age 50. Once you turn 50, you can contribute an additional $1,000 per year to catch up if you got started later than you would like.
  • Roth IRA: A Roth IRA enables you to contribute to an account with money you have already paid taxes on. This is called an after-tax IRA. If you meet certain conditions, your funds can grow tax-free and you won’t have to pay taxes when you withdraw the money after 59 ½ years old or in retirement.
  • Rollover IRA: With this type, you can transfer money from another employer qualified retirement account, including the 401(k) and 403(b). This is common when people change jobs.

Take Advantage of as Many Retirement Savings Plans as Possible

It’s a common misconception that you can’t have both an employer-sponsored retirement plan and an Individual Retirement Account (IRA). Contributing to both supplements your savings and gives you access to a wider range of choices for investment purposes. Macino Financial will ensure that you receive the maximum tax deferrals allowed while building a comfortable nest egg.

Please contact Macino Financial today to get started with opening your IRA.

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