We are aware of an intermittent issue with our phone system. We are diligently working towards a solution and appreciate your patience.
Whether retirement is around the corner or in the future, let us help your retirement dreams come true.
We offer individual retirement account options to meet your retirement needs. We also have an IRA-like account that allows you to contribute toward a child’s education. These accounts have varying tax implications, so it’s always best to talk to a tax advisor before funding an IRA. We can help answer questions, too! Tax advisors don’t get to have all the fun.
You can open and deposit into a traditional IRA on your own, without any employer participation, until you reach the age of 70½. These contributions are tax-deductible and all interest is tax-deferred, meaning you won’t pay those taxes until you withdraw funds after retirement.
If something happens, you can dip into those funds before you turn 59½, but a 10% early distribution penalty may apply. This penalty doesn’t apply if you withdraw funds for major life events, such as disability, unemployment, a qualifying first home purchase, qualifying education expenses, death, or receiving your IRA assets in equal payments over your life expectancy after age 70½.
A Roth IRA is not tax-deductible (contributions are with after-tax dollars), but it offers tax-free growth and tax-free withdrawals in retirement. You can withdraw funds from principal contributions at any time, tax-free. The interest earned is not tax free until you are over the age of 59½, have held the account for at least five years, or have a qualifying reason. Unlike a traditional IRA, there is no limit on how long you can pay into a Roth IRA and you are not required to take payments at age 70½.
We mentioned before that IRAs and ESAs have varying tax implications, so please talk to a tax advisor. We’re here to answer questions, too, and we’d love to talk with you!