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IRAs & Retirement Planning Lawyers in Collin County, TX
Customized Legal Counsel for Your Future
Set yourself up for financial success before you retire by creating a retirement plan. There are many financial options available, including employer-sponsored retirement plans and individual retirement accounts (IRAs). Our estate planning lawyers at the Law Office of Bryan Fagan, PLLC are here to help you design a plan that meets all of your retirement needs in Collin County.
Retirement Options in Collin County
It’s crucial to start saving for retirement as early as possible, and setting up your retirement accounts is where it begins. Here are the 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 is a retirement account that allows individuals or small business owners to save money for the future while receiving tax benefits. The funds in your IRA are invested in stocks, bonds, or other assets, allowing them to grow tax-deferred. Your contributions may be tax-deductible depending on the type of IRA. There are several types of IRAs to choose from, including Traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs. Keep in mind that IRAs have annual contribution limits and withdrawal rules that must be followed.
How Does a Traditional IRA Work?
A traditional IRA is an individual retirement account you open at a bank or brokerage. After opening the account, you begin making investments in stocks, bonds, mutual funds, or exchange-traded funds. Your investments grow tax-deferred, meaning you don’t pay taxes on the funds until you withdraw them. You can contribute annually to this account as long as you remain within the IRA contribution limits.
How Does a Roth IRA Work?
A Roth IRA is also an individual retirement account that you can open at a bank or brokerage. Like a Traditional IRA, you make investments with the funds in the account. The key difference with a Roth IRA is that the money grows tax-free, and withdrawals in retirement are also tax-free.
The Benefits of IRAs
The primary advantage of an IRA is the potential for better investment returns than keeping your money in a regular savings account. Contributions to an IRA may also lower your taxable income for the year.
Hiring a Qualified Retirement Planning Attorney
It’s important to start planning for retirement as soon as possible. With so many factors to consider when making investment decisions, it’s helpful to consult with a qualified retirement planning attorney. A knowledgeable attorney will guide you through the process and ensure that your retirement planning is set up for success.
Call our firm today at 469-772-5806 or contact us online to start planning for your future.
