Traditional & Roth IRA

Traditional & Roth IRAs - Prepare for Retirement 

As a hard-working, responsible person, you’ve been thinking about retirement.  You want to be able to retire by a set age and live a certain lifestyle.  And, you know that government entitlements like Social Security may not be available when you’re ready to retire.  

The earlier you start thinking about retirement, the better.  When you invest funds in IRAs, they grow at an exponential rate. The longer they have to grow, the more money you will have when you are ready to retire.

What are the Differences Between Traditional & Roth IRAs?

At your job, you have a 401k plan.  If you leave your job, you can keep your 401k at your next place of employment, or you can roll it over into a traditional IRA.  Here are the benefits of a traditional IRA:

  • You have total control over where the funds will be invested
  • You do not have to pay any taxes on the amounts you contribute until you withdraw funds from your IRA
  • Some of the contributions to an IRA are tax-deductible
  • Creditors cannot take your traditional IRA funds in the event you file bankruptcy
  • All assets in a Traditional IRA can be passed on as inheritance

Roth IRAs work similar to traditional IRAs, and you can roll your funds over into a Roth IRA, but then taxes come in to play, making the decision to convert to a Roth IRA more complex.  We can help you make this decision, as well as open a Roth IRA account if you meet the income restrictions outlined by the IRS.  Reasons you might open a Roth IRA account include:

  • Tax-free growth – all funds you contribute are considered post tax, which means you don’t have to pay any taxes when you withdraw funds from a Roth IRA upon retirement
  • Flexibility – Any funds you contribute to a Roth IRA can be withdrawn from the account at any time (withdrawing funds from a traditional IRA results in penalties in most cases)
  • Total control – You can open a Roth IRA with any investment management company and can choose any type of investment mix you want
  • Tax deductible – Some of the contributions you make to your Roth IRA can be deducted from your taxes

Core Benefits Group Helps You Manage Your Traditional & Roth IRA

We can help you with all aspects of creating or managing any type of IRA.  At Core Benefits Group, our goal is to build long term relationships with all of our customers.  We know the key to success lies in earning your trust.  

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