IRAs & Retirement Planning Lawyers in Cattleman Square
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 available, including employer-sponsored retirement plans and individual retirement accounts. Our estate planning lawyers at the Law Office of Bryan Fagan, PLLC are here to help you create a plan that meets all your retirement needs in Cattleman Square.
Retirement Options in Cattleman Square
It’s important to begin saving for retirement as early as possible. Setting up your retirement accounts is the first step toward securing your future. Individual retirement accounts (IRAs) that you and your loved ones may want to consider include:
- 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 while offering tax benefits. The money in your IRA is invested in stocks, bonds, and/or other assets, allowing your funds to grow tax-deferred. Additionally, your contributions may be tax-deductible. There are various types of IRAs, such as traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs. Keep in mind that there are annual contribution limits and withdrawal rules that apply to IRAs.
How Does a Traditional IRA Work?
A traditional IRA is an individual retirement account that you open at a bank or brokerage. Once opened, you can begin investing your money in stocks, bonds, mutual funds, and/or exchange-traded funds. Your investments grow tax-deferred, meaning you won’t pay taxes on them until you withdraw the funds. You can make annual contributions to the account as long as you stay within the IRA contribution limit.
How Does a Roth IRA Work?
A Roth IRA is another type of individual retirement account that can be set up at a bank or brokerage. Just like a traditional IRA, you make investments with this account. However, the key difference is that the money in a Roth IRA grows tax-free. Withdrawals made later in life will also be tax-free.
The Benefits of IRAs
The main benefit of an IRA is that it allows you to earn a better return on your investments than you would by simply keeping your money in a bank account. Additionally, contributions to an IRA will help reduce your taxable income for the year.
Hiring a Qualified Retirement Planning Attorney
If you want to plan for retirement, it’s important to start now. There are many factors to consider when it comes to investments, and hiring a qualified retirement planning attorney can guide you through the process. With a wide range of benefits and risks involved in retirement planning, it’s crucial to have the proper legal counsel to help you set yourself up for success.
Give our firm a call today at 430-202-6461 or contact us online to get help with your retirement plan in Cattleman Square.
