Individuals & Families Investing & Retirement Income
IRA Advisory Services
Choosing the right IRA, setting yearly contribution targets and planning the most beneficial approach to withdrawals.
You’re ready to start building funds for your retirement, and Individual Retirement Accounts (IRAs) are designed to help you do that. However, there are several options for IRAs, and it may be difficult to discern which one would work for you. Before you start putting money into an IRA plan, you need someone who can help you identify which plan meets your needs, how much to put in, and when to start withdrawing. John Daniels, CPA works with retirement-minded individuals in Osprey, Lakewood Ranch and the surrounding central FL communities. Learn more about our IRA advisory services by scheduling a complimentary consultation today.
You may have a 401(k) or other retirement savings option through your employer, but this alone may not be enough to sufficiently save for retirement. Adding an IRA can give you greater opportunities to build your retirement fund. John Daniels, CPA takes the time to discuss your situation and identify the plan that aligns with your financial goals. We explain the benefits of each plan, help you set yearly contribution targets, and outline the most beneficial approach for making withdrawals.
Types of IRAs
IRAs come in three main categories. As they each have unique advantages, choosing a plan requires an individual approach.
- Traditional IRAs: The contributions you make to this plan may be tax-deferred, allowing your earnings to grow until you’re ready to withdraw them at retirement. As many retirees fall into a lower tax bracket once they retire, their withdrawals may be taxed at a lower rate than in their working years.
- Roth IRAs: With this IRA, the funds you contribute have already been taxed, which makes withdrawals tax-free at retirement. You may also withdraw your original contributions (but not investment profits) at any point, free of taxes and fees, giving you a safety net in case of an emergency. They also have no age requirement by which payouts must begin.
- Rollover IRAs: A subset of the Traditional IRA, these accounts are specifically designed to accept assets transferred from an employer-sponsored plan, such as a 401(k) or 403(b). They are a useful option for employees taking a job that does not offer a savings plan, or when the employee feels dissatisfied with the plan on offer.
All tax deferrals are subject to specific conditions regarding your income and financial circumstances. John Daniels, CPA walks you through your tax obligations and how each plan would benefit you, giving you the knowledge and insight to choose the IRA that helps you to prepare for a comfortable retirement.
Custom retirement planning in Osprey and Lakewood Ranch
Your retirement won’t look like anyone else’s, which is why you need retirement advice and planning designed to meet your needs. At John Daniels, CPA, we build strategies that help FL residents work towards the retirement they envision and provide for themselves and their loved ones.
Find out how we can put your earnings to work for you. Contact our Osprey or Lakewood Ranch office today.
Important information when considering an IRA rollover
If I terminate employment with my employer who sponsors a retirement plan, I understand that my options with respect to plan assets include one or more of the following: (i) Remain invested under the plan (generally, if balance is $5,000 or greater), (ii) Transfer Plan assets to a defined contribution plan of my new employer (if applicable), (iii) Transfer plan assets to an IRA with a financial institution, or (iv) Withdraw assets directly which would be subject to federal and applicable state and local taxes and possibly be subject to the IRS penalty of 10% if under age 59 ½.
If I transfer assets out of the Plan and into an IRA I understand that: (i) Those assets will no longer be subject to the protections of ERISA, (ii) I alone will be making investment decisions about those assets and will not be able to rely on the plan sponsor or any other person with ERISA fiduciary responsibilities, (iii) depending on the investments and services selected for the IRA, I may pay more in transaction costs than when the assets are in the Plan, and (iv) if I am between the age of 55 and 59 ½, I would lose the ability to potentially take penalty-free withdrawals from the plan, (v) if I continue working past age 70 ½ and transferred my plan assets to my new employer’s plan, I would not be subject to required minimum distribution, and (vi) if I hold appreciated company stock, I understand any potential tax benefits that may have been available to me (e.g., net unrealized appreciation). If I transfer Plan assets into an IRA with you, and arrange for your investment representative to provide services with respect to the IRA, I understand that the investment representative: (i) will provide services that are different from the services that I received as a participant in the Plan, (ii) may receive more compensation for the services related to my IRA account, and (iii) will receive more or less compensation depending on which services or investments I select for the IRA. I acknowledge that this may present a conflict of interest because the investment representative could have an incentive to recommend one service or investment over another. Before I elect to open an IRA account and engage your investment representative, I agree to review all account agreements and disclosure documents related to my IRA and the services to be provided under any new relationship with you and your investment representative and to consult with a qualified tax advisor as I deem appropriate.
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