Individual Retirement Accounts (IRAs)
Retirement may seem to be a long way off but it will be here sooner than you think. We understand that you stay busy and probably think that you can wait a few more years before you start saving for retirement. Getting started early on saving for your retirement may help you to reach your retirement goals sooner. That is why an IRA can be a great savings choice to help reach those goals because it offers some tax deferral
and can also help your retirement savings grow faster than other similar taxable investments.
At the Ganas Insurance Agency we can help make it easier to take the next step. We will help you set up an automatic deposit that goes straight from your paycheck into an IRA. And you can start focusing on your financial future while still providing for your family today.
How an IRA works:
An IRA is a basket that holds savings, also know as investments.
You can put investments like mutual funds, stocks, bonds, annuities, certificate of deposit (CDs) or other financial products into your IRA basket.
Traditional and Roth IRAs each offer different tax benefits, so talk to your tax advisor or contact a financial representative today.
Different types of IRAs:
contributions are taken pre-tax from your paycheck. While you still pay taxes on withdrawals, you'll likely be in a lower tax bracket when you retire and owe less in taxes on your withdrawals.
You can wait until retirement to take out your money or withdrawal some of you funds without penalty for certain situations like buying your first home or paying for certain medical expenses. You won't be taxed on those withdrawals because both are considered eligible expenses.
You can move your savings from your employer's retirement plan into a direct rollover IRA tax-free
. Each time you change jobs or when you retire, you can move that money into the same rollover IRA without paying penalties to keep your retirement savings in one place.
IRA comparison chart