A graphic of IRA planning

Our Fort Worth Financial Advisor's Tips for Making the Most of Your IRA

Everybody dreams of a comfortable and enjoyable retirement. If you have a vision of where you want to be at that stage in your life, we’re here to help make it a reality. Retire Guides is your Fort Worth financial advisor when it comes to planning the roadmap for your retirement. We offer services, such as investment management, tax efficiency, and more to ensure that your ideal retirement is possible. One of our areas of expertise is giving tips on how to make the most of your IRA or individual retirement account. 

Start Contributing Early

Research shows that more than 40% of people under 30 haven’t started Fort Worth retirement planning. Those who plan their retirement early in their lives already have an advantage. Compounding has a snowball effect, which means that your investment will generate more returns the longer it sits. Money that is invested then reinvested leads to a higher IRA balance. Don’t worry if you aren’t able to contribute the maximum amount at the start; this is perfectly normal. What’s important is that you already started, even with small contributions.

Invest Your Money

Some people make the mistake of relying solely on their IRA contributions when planning for their future. Unfortunately, there are scenarios where your money sits idly in a money market account. To avoid this, think about investing in other money-generating funds. Our Fort Worth retirement financial advisor specializes in investment management. This service helps you make the most out of your hard-earned money. We will recommend wise investments to position you for optimal growth while minimizing costs.

Pick the Right Type of IRA

There are two main types of IRA: traditional and Roth IRA. In both types, you will receive tax breaks. The difference is that in traditional IRA, you won’t have to pay taxes as you make your contributions. You will only pay the taxes once you withdraw the money. In Roth IRA, you have to pay the income taxes that same year you make a contribution. But once you withdraw the money, you will no longer pay any taxes. Our Fort Worth financial advisor guides you in choosing the right IRA so you can enjoy retired living to the fullest.

Maximize Your IRA With a Fort Worth Financial Advisor

Expand your nest egg with the help of Retire Guides. We help you navigate your retirement through tax efficiency, estate planning, medicare planning, and more. Whether you are employed by a company, self-employed, or a business owner, you need to wisely build your IRA. As an independent Fort Worth financial advisor, we provide you with a holistic perspective. We don’t just focus on one area of retirement; we make sure to cover all the important ground, from investments to your health. If you want to learn more about maximizing your IRA, don’t hesitate to call us!