Retirement

Many factors contribute to having a successful retirement.  Having a sound plan and starting as early as possible can go a long way towards helping you achieve the retirement you hope for.  We can help you analyze your situation now, and when it becomes time to retire.  The following are several different ways to invest for your retirement:

• Traditional IRA: A tax deferred account with a yearly contribution limit, the traditional IRA is a useful way to save for retirement
• ROTH IRA: Although it shares contribution limits with the Traditional IRA, it is very different.  A Traditional IRA is tax-deferred (meaning the taxes are paid when the money is taken out of the account), while with a ROTH IRA taxes are already paid on the contributions before they go in.  However, the money can then grow tax-free until it is taken out.  Also, the ROTH gives the option of taking your contributions out without a penalty, in most cases
• Annuity:  There are several types of annuities that may be right for your situation

Please Note: Plan distributions may be subject to tax and 10% penalty if withdrawn before age 59 1/2.

The qualify for the tax free penalty free withdrawal of earnings, a ROTH IRA must be in place for at least five tax years, and the distribution must take place after age 59 1/2 or due to death, disability, or a first time home purchase (up to $10,000 lifetime maximum).  Before taking any specific action, be sure to consult with your tax professional. 

For more information on these investment types and many more please call (203) 237-7900.

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