Simplify Your Retirement Strategies with IRAs
When you think of retirement, what do you have in mind? A simple home in the countryside? A condo in the Sunshine State? A life of travel and relaxation? Get the future you have in mind with Individual Retirement Accounts!
Individual Retirement Accounts, better known as IRAs, are ideal ways to prepare for whatever the future may bring. IRAs are incredibly popular tools, allowing investors like you to set aside money for the future while receiving excellent tax benefits today and in retirement. There are two major categories of IRAs that you can consider: traditional IRAs and Roth IRAs.
Traditional IRAs
Traditional IRAs are the most common form of IRA, offering an investment option that can be customized to your risk tolerance and contribution amounts. IRAs offer you the ability to buy stocks, bonds, mutual funds, and other investments that can grow tax-free over the course of your adult life.
- Cash, bond, stock and mutual fund investment possibilities
- Tax-deductible contributions
- Annual contribution limits ($6,000 or $7,000 ages 50+)
- Tax-free growth, including capital gains
- Withdrawal penalties before age 59 and a half
- Required Minimum Distributions over age 72
- Taxable withdrawals, including RMDs
Roth IRAs
Roth IRAs are becoming an increasingly popular IRA alternative for investors who wish to defer the tax benefits allowed by traditional IRAs. Roth IRAs function identically in structure to traditional IRAs, allowing you to invest money over the course of your life in a tax-free environment to guarantee maximum benefits for your future.
- Cash, bond, stock and mutual fund investment possibilities
- Annual contribution limits ($6,000 or $7,000 ages 50+)
- Tax-free growth, including capital gains
- Withdrawal penalties before age 59 and a half
- Tax-free withdrawals (in place of tax deductions in the current year)
What are you waiting for? Explore your retirement savings options with IRA accounts today!