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IRAs & Retirement Planning Lawyers in Collines Gardens, TX
Customized Legal Counsel for Your Future
Set yourself up for financial success before you retire by establishing a retirement plan. There are many financial options to choose from, including employer-sponsored retirement plans or individual retirement accounts. Our estate planning lawyers at the Law Office of Bryan Fagan, PLLC are happy to help you create a plan that suits all your retirement needs.
Retirement Options in Collines Gardens, TX
It is important to start saving for retirement at an early age. Setting up your retirement accounts is the first step. Individual retirement accounts (IRAs) to consider for yourself and your loved ones include:
- Traditional IRAs
- Roth IRAs
What Is an Individual Retirement Account (IRA)?
An IRA allows an individual or small business owner to save money for retirement while benefiting from tax advantages. The money in your IRA is invested in stocks, bonds, and/or other assets so your funds can grow tax-deferred, and your contributions may be tax-deductible. Types of IRAs include traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs. Be aware that there are annual contribution limits and rules regarding withdrawals from IRAs.
How Does a Traditional IRA Work?
A traditional IRA is an individual retirement account that you open at a bank or brokerage. After opening the account, you can begin making investments with your money, such as stocks, bonds, mutual funds, or exchange-traded funds. The funds in this account grow tax-deferred, meaning you won’t pay taxes on the earnings until you withdraw them. You can contribute annually as long as you stay within the IRA contribution limits.
How Does a Roth IRA Work?
A Roth IRA is another type of individual retirement account that can also be opened at a bank or brokerage. Like a Traditional IRA, you make investments with the money in the Roth IRA. The difference, however, is that the money in a Roth IRA grows tax-free. The withdrawals you make later in life will also be tax-free.
The Benefits of IRAs
The primary purpose of an IRA is to provide you with a better return on your investments compared to a standard bank account. Contributions to an IRA can also reduce your taxable income for the year.
Hiring a Qualified Retirement Planning Attorney
If you want to plan for retirement, it’s best to start as soon as possible. There are many factors to consider when it comes to investments, and a qualified retirement planning lawyer can help guide you. With the range of benefits and risks involved in retirement planning, it’s important to have the right legal counsel to ensure your future success.
Give our firm a call today at 430-202-6461 or contact us online to get help with your retirement plan.
