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IRAs & Retirement Planning Lawyers in Central Austin
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 (IRAs). Our estate planning lawyers at the Law Office of Bryan Fagan, PLLC are ready to help you create a retirement plan that suits your needs and goals in Central Austin.
Retirement Options in Central Austin
It’s essential to start saving for retirement early. Setting up your retirement accounts is the first step. Here are some types of individual retirement accounts (IRAs) for you and your loved ones to consider:
- Traditional IRAs
- Roth IRAs
What Is an Individual Retirement Account (IRA)?
An IRA allows individuals or small business owners to save for retirement while also enjoying tax benefits. The money in your IRA is invested in stocks, bonds, mutual funds, and/or other assets, allowing your money to grow tax-deferred. Contributions to your IRA can be tax-deductible, depending on the type of IRA. Some types of IRAs include traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs. Be aware that there are annual contribution limits and specific rules for withdrawals.
How Does a Traditional IRA Work?
A traditional IRA is a retirement account that you can open at a bank or brokerage. Once it’s set up, you start investing your money in stocks, bonds, mutual funds, or exchange-traded funds (ETFs). The investments will grow tax-deferred, meaning you won’t pay taxes on them until you withdraw the funds. You can make annual contributions to this account, as long as they stay within the IRA contribution limit.
How Does a Roth IRA Work?
A Roth IRA is similar to a traditional IRA, but with one key difference: the money in your Roth IRA grows tax-free. When you take withdrawals in the future, they are also tax-free, provided you meet certain conditions. This makes a Roth IRA an excellent option for those who expect to be in a higher tax bracket during retirement.
The Benefits of IRAs
The primary benefit of an IRA is that it offers a better investment return than simply keeping your money in a regular savings account. Contributions to your IRA can also reduce your taxable income for the year, depending on the type of IRA you choose. This means potential tax savings now and increased growth in your retirement savings over time.
Hiring a Qualified Retirement Planning Attorney
Planning for retirement can be complex, with many factors to consider. Hiring a qualified retirement planning lawyer will help ensure that your retirement plan is customized to meet your financial goals and needs. A knowledgeable attorney can help you navigate the various investment options, tax implications, and legal considerations, minimizing risks and maximizing your future financial security.
If you want to start planning for your retirement, it’s best to begin as soon as possible. Contact us today to get professional legal guidance tailored to your situation.
Give our firm a call today at 512-220-3593 or contact us online to get help with your retirement plan.
