IRA Plans

A Traditional IRA allows you to contribute pre-tax income, meaning you won’t pay taxes until you make IRA withdrawals in retirement. This option is ideal for those seeking to reduce their taxable income today while saving for the future.

• Key Benefits: Immediate tax deductions, tax-deferred growth.
• Ideal For: Individuals expecting to be in a lower tax bracket during retirement.

A Roth IRA is funded with after-tax dollars, allowing your contributions to grow tax-free. You won’t pay taxes on your withdrawals in retirement, which makes this option attractive for younger individuals or those anticipating higher tax rates later in life.

• Key Benefits: Tax-free growth, tax-free withdrawals in retirement.
• Ideal For: Individuals expecting to be in a higher tax bracket during retirement.

The Simplified Employee Pension (SEP IRA) is designed for business owners and self-employed individuals. It allows for higher contribution limits than a traditional IRA, making it a great option for entrepreneurs looking to grow their retirement savings rapidly.

• Key Benefits: High contribution limits, tax-deferred growth.
• Ideal For: Business owners or self-employed individuals.

The Savings Incentive Match Plan for Employees (SIMPLE IRA) is a retirement plan for small businesses. Employers contribute to the employee’s plan, making it an effective and straightforward solution for business owners looking to offer retirement benefits.

• Key Benefits: Employer contributions, tax advantages.
• Ideal For: Small businesses looking for easy-to-manage retirement plans.

As you approach retirement, you might wonder if a Roth Conversion makes sense for your financial plan. By converting a traditional IRA into a Roth IRA, you’ll pay taxes on the amount converted now, but enjoy tax-free withdrawals later. We can help you weigh the pros and cons to determine if a Roth conversion aligns with your retirement goals.

Do you have a 401(k) from a previous employer? Rolling over your 401(k) into an IRA could simplify your retirement accounts and offer more investment flexibility. Our team can guide you through the process for a smooth rollover while helping you choose the best IRA plan for your future.

Can I have both a traditional and Roth IRA?
Yes, as long as your total contributions across both accounts don't exceed the annual IRS limits. This strategy allows you to diversify your tax exposure in retirement.

When do I have to start taking withdrawals from my IRA?
For traditional IRAs, required minimum distributions (RMDs) must start at age 73. Roth IRAs do not have RMDs during the account holder's lifetime.

What are the benefits of a SEP IRA for business owners?
SEP IRAs allow for higher contribution limits than traditional IRAs and provide significant tax-deferred growth, making them an attractive option for business owners seeking to build retirement savings efficiently.