Our team of experts can help you explore the numerous retirement account options and decide what option best suits your financial objectives and investing style. We’ll provide insight into the distinctions between each type so you make a knowledgeable decision about where to allocate your savings for tomorrow’s success!
You have many choices when determining how to handle a 401(k) rollover. From rolling it into an IRA or leaving it in its current state to moving elsewhere or taking the money now, numerous options are available for consideration!
Who Is This For?
401K rollover and optimization are designed for those looking to transition from one job to another or have recently retired and need to move their 401K account into a different retirement savings plan. It can also be used by those who already have an existing traditional IRA or Roth IRA and want to consolidate their retirement funds for better diversification, lower fees, and potential tax savings. Depending on your circumstances, our team can help you explore which option is best for you.
Having already paid taxes on your contributions, you may enjoy tax-free returns upon retirement when accessing the funds from your account and any potential growth therein. Connect with our team of experts to learn more.
Who Is This For?
A Roth IRA is an ideal retirement savings vehicle for those looking to maximize their long-term financial potential. With a Roth IRA, you can contribute after-tax money up front and benefit from tax-free growth of the account over time. A Roth IRA could be a wise choice to help ensure your financial future.
With a traditional IRA, you can save now and be taxed when the funds are withdrawn in the future. It’s a tremendous tax-deferred retirement savings tool! Each year, contributions limits tend to fluctuate based on how taxes are filed. To gain maximum benefits from this powerful tool, staying up-to-date with these changing rules and regulations is essential. We can help.
Who is This For?
A traditional IRA is intended for those looking to save money on their taxes now and want the potential for long-term growth. With this type of account, your contributions may be deductible, and you can reduce your current taxable income. Ultimately, we can help you weigh the pros and cons of both Roth and Traditional IRAs so you can decide which option is best for your financial goals.
Consider all available options, which include remaining with your current retirement plan, rolling over into a new employer’s plan or IRA, or cashing out the account value. When deciding between an employer-sponsored plan and IRA, there may be important differences to consider – such as range of investment options, fees and expenses, availability of services, and distribution rules (including differences in applicable taxes and penalties). Depending on your plan’s investment options, in some cases, the investment management fees associated with your plan’s investment options may be lower than similar investment options offered outside the plan.
Some IRA’s have contribution limitations and tax consequences for early withdrawals. For complete details, consult your tax advisor or attorney. Retirement Plans: Distributions from traditional IRA’s and employer sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59 ½, may be subject to an additional 10% IRS tax penalty. Roth IRA: Converting from a traditional IRA to a Roth IRA is a taxable event. A Roth IRA offers tax free withdrawals on taxable contributions. To qualify for the tax-free and penalty-free withdrawal or earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59 ½ or due to death, disability, or a first time home purchase (up to a $10,000 lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes.
