IRAs & Retirement Planning Attorneys in Humble, TX
Tailored Legal Guidance for Your Golden Years
Secure your financial future before stepping into retirement by crafting a robust retirement plan. There’s a multitude of financial avenues to explore, including individual retirement accounts (IRAs) or employer-sponsored retirement plans. Our seasoned estate planning attorneys at the Law Office of Bryan Fagan, PLLC are eager to assist you in designing a plan that aligns with all your retirement aspirations.
Retirement Options in Southeast Texas
Initiating your savings for retirement early on is crucial. Establishing your retirement accounts is the first step. IRAs you and your family may want to contemplate include:
- Traditional IRAs
- Roth IRAs
Understanding Individual Retirement Accounts (IRA)
An IRA enables an individual or small business owner to set aside money for retirement while reaping tax benefits. The funds in your IRA are invested in a variety of assets like stocks, bonds, etc., allowing your money to grow tax-deferred, and your contributions can be tax-deductible. Various types of IRAs exist, including traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs. However, it’s essential to remember that IRAs come with annual contribution limits and specific withdrawal regulations.
How Does a Traditional IRA Work?
A traditional IRA is an individual retirement account that you establish at a bank or brokerage. Once set up, you start investing your money in assets such as stocks, bonds, mutual funds, and/or exchange-traded funds. Your investments appreciate tax-deferred, implying that you delay paying taxes on these funds until they are withdrawn. You’re allowed to make annual contributions to this account as long as you stay within the IRA contribution limit.
How Does a Roth IRA Work?
A Roth IRA, just like a traditional IRA, is an individual retirement account that can be initiated at a bank or brokerage. You also make investments with this account. However, the key difference is that the funds in your Roth IRA appreciate tax-free, and any withdrawals you make later in life will also be tax-exempt.
The Benefits of IRAs
The primary objective of an IRA is to yield a better investment return than merely depositing your money into a bank account. Contributions to an IRA can also decrease your taxable income for the year.
Retaining a Skilled Retirement Planning Attorney
If you’re looking to plan for retirement, it’s best to start now. With numerous factors to weigh when it comes to investments, hiring a proficient retirement planning attorney can be beneficial. Planning for retirement comes with its share of benefits and risks. Ensure you have the right legal advice to set you on the path to success by reaching out to our firm.
