IRAs: A Quick Overview
There are many different kinds of IRAs. The most common are:
- Traditional IRAs
- Roth IRAs
- Education IRAs
- Rollover IRAs
Traditional IRAs
- Your money grows on a tax-deferred basis
- You make contributions to your IRA and deduct them on your taxes
- You can get to your money without a penalty at age 70 1/2.
Roth IRAs
- Roth IRAs are tax-free, which is even better than tax deferred
- Flexibility to withdraw some of your money before you hit your golden years
Education IRAs
- Contributions are tax free
- Money can be taken out without hassle or penalty if used for certain education expenses
Rollover IRAs
If you've changed jobs and have money from your old company's 401(k) plan, you need to put it somewhere quickly or you could owe the government some serious cash. And a Rollover IRA is one good option. We can explain your other options, and send you a copy of our Retirement Distributions Options kit. Just drop us a line.
You should also drop us a line if you have additional questions about any IRA account, or if you're ready to open one. Plus, there are many other retirement saving and planning options we could tell you about. Let's get in touch.
