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IRAs & Retirement Planning Lawyers in Comal County, TX
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. Our estate planning lawyers at the Law Office of Bryan Fagan, PLLC are happy to help you create a plan that suits all your retirement needs.
Retirement Options in Comal County
It is important to start saving for retirement at an early age. Setting up your retirement accounts is how you begin. Individual retirement accounts (IRAs) that you and your loved ones can consider include:
- Traditional IRAs
- Roth IRAs
What Is an Individual Retirement Account (IRA)?
An IRA lets an individual or small business owner save money for retirement while also offering tax breaks. The money in your IRA is invested in stocks, bonds, and/or other assets so your money can grow tax-deferred, and your contributions can be tax-deductible. Some types of IRAs include traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs. It’s important to note 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 you do this, you can begin making investments with your money in the form of stocks, bonds, mutual funds, and/or exchange-traded funds (ETFs). Your investments will grow tax-deferred, meaning you postpone paying taxes on these funds until they are withdrawn. You can make annual contributions to this account as long as you are within the IRA contribution limit.
How Does a Roth IRA Work?
A Roth IRA is also an individual retirement account that can be created at a bank or brokerage. Just like a Traditional IRA, you also make investments with this account. The key difference is that the money in your Roth IRA grows tax-free. Withdrawals you make later in life will also be tax-free.
The Benefits of IRAs
The primary purpose of an IRA is to generate a better investment return than simply placing your money in a traditional savings account. Contributions to an IRA can also reduce your taxable income for the year.
Hiring a Qualified Retirement Planning Attorney
If you’re planning for retirement, it’s best to start as early as possible. There are many factors to consider when it comes to investments, so hiring a qualified retirement planning lawyer will be beneficial. With the wide range of benefits and risks involved in planning for retirement, it’s important to ensure that you have the proper legal counsel to set you up for success.
Give our firm a call today at 430-202-6461 or contact us online to get help with your retirement plan.
