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With a traditional IRA, contributions you make are deductible (as long as you’re not covered by a company retirement plan or your income falls under certain limits) and earnings grow tax deferred until you take distributions in retirement. If you or your spouse have earned income, you’re eligible to contribute up to $5,500 a year to an IRA. If you’re 50 or older, you can even put away an extra $1,000 annually.
If you’re leaving your job, we can help you transfer the money you’ve accumulated in your company retirement plan into a rollover IRA.
With a Roth IRA, contribution amounts are the same as those of the traditional IRAs. While contributions aren’t deductible, you can avoid taxes on your earnings, instead of just delaying them (as long as contributions are taken when you’re over age 59 ½, the account is at least 5 years old, and your income falls under certain limits)*.
Roth IRAs are also worth considering to pay for college expenses. If you are age 59 ½ or have held the account for at least five years, whichever is longer, you will not be taxed. However, you may withdraw your principal – up to $5,000 a year – without tax or penalty. Only after your principal has been exhausted will future withdrawals of earnings be taxed. This favorable tax treatment makes Roth IRAs a viable option for supplementing your college savings.
Securities and insurance products are offered through Cetera Investments Services LLC, Member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Investments are: *Not FDIC insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency. Advisory services may only be offered by Investment Adviser Representatives. Located at: 201 W. Loomis Street, Ludington, MI 49431 (231) 845-3500.For a comprehensive review of your personal situation, always consult with a tax or legal Advisor. Neither Cetera, nor any of its representatives may give legal or tax advice. Advisory services may only be offered by Investment Adviser Representatives.