IRAs
If you are considering an Individual Retirement Account (IRA), it could be one of the smartest moves you make towards planning for your retirement. Not only is an IRA a practical way to supplement your retirement savings, but it also offers a wider range of investment opportunities that may otherwise be unavailable to you.
How Does an IRA Work
An individual retirement account (IRA), also known as an individual retirement arrangement, is a retirement savings account with tax features. An IRA account can include savings from several different sources, including contributions from the account holder and contributions that come from an employer-sponsored retirement plan.
If you have big plans for your retirement, an employer-sponsored savings plan may not be enough to provide enough finances to fund your future. An IRA is a great way to supplement your employer sponsored savings. Some plans also allow you to take advantage of tax deferred or tax-free growth potential. Taking action today is the first step towards securing a prosperous retirement that allows you to fulfill your plans and our professionals are on hand to give you practical and professional financial advice.
Is an IRA the Right Retirement Planning Option For You ?
There are several different types of IRA, and the most common are Roth and traditional. However, although they are lesser-known, other types of individual retirement accounts, such as Spousal and SIMPLE, are also available.
Your choice of IRA will largely depend on your employment status, income, workplace bene!ts, and other factors. All IRAs also come with caps on how much you can contribute and penalties if you withdraw money before your designated retirement age. The good news is that our IRA experts are on hand to help you to explore the many opportunities that an IRA has to offer and to choose the right option for your retirement planning and wealth management strategy.
Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax. The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered quali!ed. Limitations and restrictions may apply. Withdrawals prior to 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future laws can change at any time and may impact the bene!ts of Roth IRAs. Their tax treatment may change.
RETIREMENT PLANNING SERVICES
Explore our extensive retirement planning services that fit your needs and circumstances.
Our retirement planning and wealth management professionals can help you to make your defined benefit plan work harder for you.
When investing for a major milestone like retirement, you will want to be sure that your contributions are invested wisely.
We can help you to navigate the complexities and take advantage of the opportunities that such a plan provides.
We're here to help you work towards the best possible return on your contributions and investments.
Explore the many opportunities that an IRA has to offer and choose the right option for your retirement plan.
When you have the right long-term care plan in place, you can rest assured that these costs will be covered.
Request An Appointment
At Pence Wealth, we believe that good financial decisions don’t have to be confusing.
If you have any questions or want to schedule a complimentary meeting to discuss your specific questions, please do not hesitate to contact us.
OUR INSIGHTS
Providing resources which cover topics from financial planning to investment clarity.
Pence Perspective: So, What? with Dryden Pence – Feb 2024
Pence Perspective: So, What? with Dryden Pence [...]
An Egyptian Immigrant And ‘Tax Whisperer’ Who Built A $1.7 Billion Firm
An Egyptian Immigrant And ‘Tax Whisperer’ Who [...]
Pence Perspective: Inflation and Recession – So, What?
Pence Perspective: Inflation and Recession – So, [...]
Pence Perspective Newsletter – Q2 2023
Bottom Line Up Front The combination of [...]
“So, What?” with Dryden Pence – Episode 2
Dryden Pence takes a deeper look into [...]
Bonds ‘Legitimate and Meaningful Alternative’ to Build Income
Bonds ‘Legitimate and Meaningful Alternative’ to Build [...]
SUBSCRIBE TO OUR EVENT UPDATES
Our events create an opportunity for you to get to know us and our process. If you have some challenges, please join one of our events to get your questions answered. If you’re interested, please subscribe and we’ll keep you updated on our upcoming scheduled events.
