Retirement Planning
Retirement plan options can vary greatly. Whether you're you're just getting started, or if retirement is in your near future, we can help design a plan that's right for you. Schedule an appointment and we can help you with the retirement options below:
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Traditional IRA
A Traditional IRA is tax advantaged retirement account where you contribute to your retirement account with pre-tax contributions. As a result, these contributions are tax-deductible (with some exceptions per IRS guidelines). When future withdrawals are taken at retirement age, contribution withdrawals plus all credited interest and investment gains are taxed. A Traditional IRA should be considered when you need tax deductions, and you prefer to defer taxes until withdrawals are made during retirement years.
Roth IRA
A Roth IRA is a unique tax advantaged retirement account where you contribute to your retirement account with after-tax contributions. When future withdrawals are taken at retirement age, these withdrawals plus all credited interest and investment gains are tax-free. As a result, Roth IRA contributions cannot be deducted when filing your taxes. A Roth IRA should be considered when you think your taxes will be higher in retirement than they are right now. Also, high income earners may not contribute to a Roth IRA per IRS guidelines.
SEP IRA
The Simplified Employee Pension IRA is a retirement account adopted by business owners for the benefit of business owners and employees. SEP IRA account contributions are pre-tax, and accounts contributions are funded by the business. SEP IRA’s are excellent plans for independent contractors, family businesses, and partnerships since contributions by the business must be made to all employee accounts. The IRS allows for significantly higher annual contribution amounts than the contribution amounts associated with Traditional and Roth IRA’s.
Simple IRA
The Savings Incentive Match Plan for Employees IRA allows employees and employers to contribute to traditional IRA’s set up for employees. It is ideally suited as a start-up retirement plan for small employers, between two (2) and 100 employees, not currently sponsoring any other employer-sponsored retirement plans