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It’s never too early to start planning for retirement. We make it easy by offering three types of IRA plans for you to choose from. An IRA is a retirement account designed to help individuals save for retirement. Each type of IRA has its own eligibility restrictions based on income and employment status and all have caps on how much money can be contributed each year and IRS penalties for withdrawals before the designated retirement age.

These are our retirement plans:

A Traditional IRA is a way to save for retirement that gives you tax advantages.

Here are some features of this plan:
  • You must have earned income to qualify.
  • You can contribute any amount to a Traditional IRA up to your annual limit.
  • If eligible, you may deduct your annual contribution on your income tax return for the year.
  • Earnings accrue tax-deferred on the investments within your Traditional IRA, potentially increasing your balance.
  • Once you reach age 59-1/2, withdraw as little or as much money as you want IRS penalty-free until age 72. After age 72, you must take a minimum distribution each year.
  • Under the SECURE Act, passed in December 2019, IRA holders may continue to make annual contributions indefinitely to a Traditional IRA, so long as they have earned income.  However, you will still be required to take your annual  RMD when you reach 72.
  • Under the CARES Act,  you may be eligible to skip your RMD for 2020.

We recommend that you consult with your tax advisor before taking action.

Let us help you open a Roth IRA! A Roth IRA is a way to save for retirement that gives you tax advantages.

Here are some features of this plan:
  • Must have earned income to qualify.
  • Can contribute any amount to your Roth IRA up to your annual limit.
  • Contributions to the Roth IRA are not tax-deductible.
  • Earnings accrue tax-deferred on the investments within your Roth IRA, potentially increasing your IRA balance.
  • Once you reach 59-1/2 and have owned your Roth IRA for five years, your distributions are tax-free.

We recommend that you consult with your tax advisor before taking action.

Want to establish a retirement plan for your business, but overwhelmed by the complexity of most plans? Consider a SEP IRA.

Here are some features of this plan:
  • An employer can establish a SEP IRA for his or her employees.
  • The employer is the only one who can make contributions.
  • Self-employed individuals may also establish a SEP IRA.
  • Contribution limits – the lesser of 25% of the employee’s compensation up to a defined compensation cap.
  • Earnings accrue tax-deferred on the investments within the SEP IRA.
  • The employer can contribute to an employee’s plan after age 72 as long as the employee has earned income.
Advantages of a SEP IRA:
  • Simple to administer and maintain
  • No government reporting
  • Easy-to-understand documents
  • No fiduciary liability for investments
  • Discretionary annual contributions

We recommend that you consult with your tax advisor before taking action.