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IRAs & Retirement Planning Lawyers in Clear Lake, TX
Customized Legal Counsel for Your Future
Set yourself up for financial success before retirement by establishing a solid retirement plan. There are many financial options to consider, 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 personalized plan that suits all your retirement needs in Clear Lake.
Retirement Options in Clear Lake
It’s essential to start saving for retirement as early as possible, and setting up your retirement accounts is the first step. Here are some individual retirement accounts (IRAs) you and your loved ones can consider:
- Traditional IRAs
- Roth IRAs
What Is an Individual Retirement Account (IRA)?
An IRA allows individuals or small business owners to save money for retirement while enjoying tax breaks. The money in your IRA is invested in stocks, bonds, or other assets, so your savings grow tax-deferred, and contributions may be tax-deductible. Some types of IRAs include traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs. Keep in mind that there are annual contribution limits and specific withdrawal rules associated with IRAs.
How Does a Traditional IRA Work?
A traditional IRA is an individual retirement account that you open at a bank or brokerage. Once the account is set up, you begin making investments with your funds, such as stocks, bonds, mutual funds, and/or exchange-traded funds. Your investments will grow tax-deferred, meaning you won’t pay taxes on these funds until you withdraw them. You can make annual contributions to the account as long as you stay within the IRA contribution limits.
How Does a Roth IRA Work?
A Roth IRA is also an individual retirement account created at a bank or brokerage. Just like a traditional IRA, you make investments with this account. The key difference is that the money in your Roth IRA grows tax-free, and withdrawals made later in life will also be tax-free.
The Benefits of IRAs
The primary purpose of an IRA is to achieve better investment returns than you would by simply putting your money in a 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 get started now. There are many factors to consider when it comes to investments, and a qualified retirement planning attorney can help you navigate them. Planning for retirement involves various benefits and risks, so make sure you have the proper legal counsel to ensure your financial success.
Call our firm today at 281-562-7344 or contact us online for assistance with your retirement planning.
