What is an IRA and Who Needs One?
Most working adults don’t set money aside for retirement early enough. At Retire Guides, our Fort Worth financial advisors are here to answer your questions regarding independent financial planning and give you access to the tools necessary to help you select the investments and financial instruments that will help you reach financial freedom and stability in your golden years. One option available through our Fort Worth retirement financial advisor is an IRA, or Individual Retirement Account. These accounts are set up at a financial institution, and allow you to save for retirement with either tax-free growth or on a tax-deferred basis. IRAs are mainly meant for business owners and self-employed people who do not have access to workplace retirement accounts such as a 401(k), which is available only through employers. But are IRAs a viable financial tool to help you meet your retirement financial goals?
What is an IRA and How Does it Fit In With My Fort Worth Retirement Planning?
The main types of IRAs are:
Traditional IRA - Your contributions come from money that you can deduct on your tax return, and any earnings can potentially grow tax-deferred until you withdraw them in retirement. Most retirees end up in a lower tax bracket than they were before their retirement, so the tax-deferral means their future withdrawals may be taxed at a lower rate.
Roth IRA - Contributions come from money you've already paid taxes on, so your money may potentially grow tax-free. Withdrawals for those in retirement are tax-free, provided that certain conditions are met.
Your Fort Worth financial advisor can help you choose which IRA is best for you in order to meet your long-term retirement goals. A diversified portfolio of assets, investments, and retirement savings accounts means that you will have the resources to meet any future financial challenge long after you retire.
Maximize The Benefits of Your IRA and Fort Worth Retirement Planning With Retire Guides
If you recognize the importance of Fort Worth retirement planning, then you understand the benefits of having a Fort Worth retirement financial advisor that you can trust. At Retire Guides, we’ll put you in touch with a Fort Worth financial advisor that understands you and your needs so that you can work together to set personalized retirement goals and put together a retirement plan to meet them. Whether you’ve just begun your Fort Worth financial planning process or if you’ve been planning for retirement for some time now, Retire Guides has the experience, knowledge, and history of success to help you secure your future and grow your wealth. Get in touch with us today to set an appointment!
