The earlier that you start saving your money, the more time you’ll have for it to build your retirement account. Individual retirement accounts (IRA) are an easy, tax-friendly method to save for retirement. Our personal financial representative can help you to learn more about the various kinds of IRAs which can help to you grow your retirement savings much faster and lower your taxes at the same time.
Conventional IRA: Contributions from Traditional IRAs might be tax deductible. Growth in the account is tax-deferred, meaning that you do not have to pay taxes on it till you start withdrawals.
Roth IRA: Earnings from Roth IRAs with withdrawals in retirement are usually tax-free. You can wait for retirement to withdraw money or use the funds for qualified expenditures like buying your first home or significant medical costs.
Rollover IRA: This is a possible choice when you change employers. It gives you a way to move your savings from your employer’s retirement plan into a tax-free, direct rollover IRA.
Reminder: The deadline for putting your IRA in place for the 2016 tax year is April 18th!