Retirement Planning

IRAs & Retirement Planning Attorneys in Kingwood, TX

Prepare for a financially secure retirement by setting up a robust plan. There’s an array of financial options available, such as employer-backed retirement plans or individual retirement accounts (IRAs). Our team of estate planning lawyers at Bryan Fagan Law Office is more than ready to assist you in crafting a plan that meets all your retirement requirements.

Retirement Options in Southeast Texas

It’s crucial to start saving for retirement early on. The first step is setting up your retirement accounts. Here are some individual retirement accounts (IRA) for you and your family 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 enjoying tax advantages. Your IRA funds are invested in stocks, bonds, and/or other assets, allowing your money to grow tax-deferred, and your contributions can be tax-deductible. IRAs come in different forms, including traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs. It’s important to note that IRAs have annual contribution limits and withdrawal rules.

How Does a Traditional IRA Work?

A traditional IRA is an individual retirement account that you set up with a bank or brokerage. Once established, you start investing your money in stocks, bonds, mutual funds, and/or exchange-traded funds. Your investments grow tax-deferred, meaning you delay paying taxes on these funds until they are withdrawn. You can make annual contributions to this account, provided you stay within the IRA contribution limit.

How Does a Roth IRA Work?

A Roth IRA, also an individual retirement account, can be created at a bank or brokerage. 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 are also tax-free.

The Advantages of IRAs

The primary objective of an IRA is to achieve a higher investment return than you would through a regular bank account. Contributions to an IRA can also lower your taxable income for the year.

Hiring a Qualified Retirement Planning Attorney

If retirement planning is on your agenda, it’s best to start now. Given the many factors to consider when investing, hiring a competent retirement planning lawyer could be beneficial. There are numerous benefits and risks associated with retirement planning. To ensure you have the right legal advice for success, reach out to our firm for assistance.

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