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IRAs & Retirement Planning Lawyers in Castle Hills Forest
Customized Legal Counsel for Your Future
Set yourself up for financial success before you retire by establishing a comprehensive retirement plan. There are many financial options to consider, including employer-sponsored retirement plans or individual retirement accounts. Our estate planning lawyers at the Law Office of Bryan Fagan, PLLC are here to help you create a plan tailored to your retirement needs in Castle Hills Forest.
Retirement Options in Castle Hills Forest
It’s important to begin saving for retirement as early as possible. Setting up retirement accounts is the first step toward securing your future. Some individual retirement accounts (IRAs) you and your loved ones may want to consider are:
- Traditional IRAs
- Roth IRAs
What Is an Individual Retirement Account (IRA)?
An IRA is a tool that allows individuals or small business owners to save money for retirement, offering tax advantages in the process. The money in your IRA is invested in stocks, bonds, and/or other assets, allowing it to grow tax-deferred. Additionally, contributions may be tax-deductible. There are different types of IRAs, including traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs. It’s important to be aware of annual contribution limits and withdrawal rules when it comes to IRAs.
How Does a Traditional IRA Work?
A traditional IRA is an individual retirement account that you can open at a bank or brokerage. After opening the account, you make investments in stocks, bonds, mutual funds, or exchange-traded funds. Your investments grow tax-deferred, meaning you don’t pay taxes on them until they are withdrawn. You can make annual contributions to your traditional IRA as long as you stay within the contribution limits.
How Does a Roth IRA Work?
A Roth IRA is another type of individual retirement account that can be created at a bank or brokerage. Like a traditional IRA, you invest in various assets through your Roth IRA. The main difference is that the money in a Roth IRA grows tax-free, and any withdrawals made later in life will also be tax-free.
The Benefits of IRAs
The primary benefit of an IRA is the potential for better investment returns than what you might earn by simply keeping your money in a bank account. Contributions to an IRA also help reduce your taxable income for the year.
Hiring a Qualified Retirement Planning Attorney
If you want to plan for retirement, it’s best to get started sooner rather than later. There are numerous factors to consider when making investment decisions, and hiring a qualified retirement planning lawyer can help you navigate them. With a variety of benefits and risks associated with retirement planning, it’s essential to have the proper legal guidance to ensure your financial success.
Give our firm a call today at 430-202-6461 or contact us online to get help with your retirement plan in Castle Hills Forest.
