Do you have an IRA in your financial tool kit?
Facing greater tax liability this year?
The IRA is one of the most versatile retirement savings tools available. It provides the opportunity to save for retirement and offers the potential for special tax advantages. Opening an IRA or increasing your contribution could reduce what you owe on tax day. Our financial advisors can discuss what IRA option may be the best retirement savings vehicle for your financial situation.
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There are many types of IRAs to consider:
- Traditional IRA - Reduce current taxable income since contributions are tax deductible, but are taxed when withdrawn.
- Roth IRA - While contributions do not reduce taxable income, when certian requirements are met, withdrawn funds are tax-free.
- SIMPLE IRA - Targeted toward self-employed workers and small businesses with fewer than 100 employees. Acts more like a 401(k) profit-sharing plan.
- SEP IRA - Ideal for self-employed individuals and small business. Most similar to a traditional IRA, only it's highly simplified and easier to administer.