An Individual Retirement Account is a great way to contribute towards retirement savings. If you have an employer sponsored retirement plan, such as a 401k, an IRA is a good way to supplement it; if you don’t have one, an IRA is an essential tool for retirement savings. IRA’s give you the flexibility to invest in a range of financial products and are ideal for individuals who save more than what is allowed through an employer-sponsored retirement plan. Additionally, IRA’s offer many different tax advantages, depending on what your goals are. A licensed representative can help you decide what kind of IRA is right for you. Make sure you have financial stability in the future, speak to an agent today

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Among the various types of IRA’s available, Traditional and Roth IRA’s are the most predominant. In Traditional IRA’s, contributions are made pre-tax, typically allowing them to be tax deductible, and withdrawals at retirement are usually taxed. Roth IRA’s on other require contributions to be made with after-tax income, and withdrawals are usually tax-free.

IRA’s themselves are unique tools for retirement savings that allow for flexibility when investing. By opening an IRA, you would have the option of investing your money in government bonds, buying stock or real estate, or even purchasing mutual funds. Most individuals invest in a combination of products, but you would have the option of investing in what you please to.

What else do I need to know?

• If you save more than the maximum allowed by your company sponsored plan, you should seriously consider opening an IRA
• An IRA is itself is not an investment, rather it’s a place to put investments (such as mutual funds, annuities, CD’s, and other savings products)
• With the variety of IRA types and contribution limits constantly changing, it’s a good idea to consult a licensed representative before opening an account