There are some important questions when it comes to retirement planning: How much income will you need in retirement? Should you invest in a traditional or Roth IRA? What is the contribution limit for your IRA? Your certified financial advisor at The Resource Center in Springfield MO or Branson MO will help you sort through these and other important financial planning factors to help you choose the IRA that’s best for your needs and your goals. Our local financial advisor offers customized retirement savings plans that are tax-efficient and help provide the lifestyle you deserve after you retire. Plus, we will help you make appropriate adjustments as your needs change over time.
Traditional IRA vs. Roth IRA
In a traditional IRA, contributions may be tax deductible and typically your earnings grow tax-deferred. You will be penalized for withdrawing money before age 59½, with some exceptions.
Contributions to a Roth IRA are not tax-deductible, but your earnings grow tax-free. As long as you meet the Roth IRA rules and you are 59½ or older, you can access tax-free money when you retire.
You can transfer a traditional IRA into a Roth IRA and pay the tax in a single year. When tax rates go down, this can be a good option for someone who has a larger traditional IRA. Our advisor can talk you through the Roth IRA conversion rules, withdrawal rules, and more.
Between shopping for gifts and making New Year’s resolutions, the end of the year can be an exciting time for all of us. Did you know it’s also a great time to review your retirement accounts for [...]