IRAs & Retirement Planning Lawyers in Houston, 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 Southeast Texas
It is important to start saving for retirement at an early age. Setting up your retirement accounts is how you start. Individual retirement accounts (IRA) for you and your loved ones to consider are:
- 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, bond, 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 should be noted that there are annual contribution limits and withdrawal rules 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 have done this, you begin making investments with your money in the form of stocks, bonds, mutual funds, and/or exchange-traded funds. Your investments will grow tax-deferred, meaning you postpone paying taxes on these funds until they are withdrawn.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 an individual retirement account that can be created at a bank or brokerage as well. Just like a Traditional Roth, you also make investments with this account. The only difference is that the money in your Roth IRA grows tax-free. Withdrawals you take out later in life will also be tax-free.
The Benefits of IRAs
The main purpose of an IRA is to get a better investment return than you would just by putting your money into an account at your bank. Contributions to an IRA will also reduce your taxable income amount for the year.
Hiring a Qualified Retirement Planning Attorney
If you want to plan for retirement it is best to get started now. There are many factors to consider when it comes to investments, so hiring a qualified retirement planning lawyer would help. There are a wide range of benefits and risks that come with planning for retirement. Ensure that you have the proper legal counsel to set you up for success by calling our firm for help.
Give our firm a call today at (281) 810-9760 or contact us onlineto get help with your retirement plan.