If you are self-employed or unsatisfied with your companies 401k plan, you likely have looked into individual retirement accounts that meet your needs more closely. One of the most common paths that most individuals planning their retirement will take is to establish a Roth IRA. Originally called an "IRA Plus", the advantages of establishing a Roth IRA plan are far-reaching; however, they do carry distinct differences that are commonly found with a traditional IRA.
Direct contributions that are added to a Roth IRA as principal are eligible for withdrawing at any time without taxes or penalties. Once you reach the age of 59½, any earnings can then also be withdrawn tax-free as long as the plan was established 5 years prior. This is a clear difference when compared to a traditional IRA in which all disbursements are taxed as normal income in accordance with the current tax brackets. By paying taxes prior to contributions, you are able to eliminate the need for a double-tax at disbursement.
No matter what age you are at, there has never been a better time to start planning for your financial future. If you are interested in learning about the benefits of a Roth IRA to determine whether or not it is the correct plan to meet your retirement goals, the experts at Anchor Financial Group are here to help. We can help explain the ins and outs of these lucrative retirement plans, find a different plan that may be more suitable for your goals and help you establish one to prepare for the future. No matter what your financial needs are, we are ready to help.
Ready to Get Started?
If you are ready to focus on your financial planning, the Tulsa financial planning experts at Anchor Financial Group are ready to assist you. As a Veteran-owned brokerage firm, we always look out for the best interest of our clients. Please call us at (918) 591-2880 to get started or Contact Us and a friendly member of our staff will reach out to you promptly. We look forward to assisting you in achieving your financial goals in Tulsa.
Stay Up To Date With Financial News from Anchor Financial Group
3 Ways to Spend Your Retirement
Preparing for retirement can be such an exciting opportunity......> Read More
How Roth IRAs Could Lower Your IRA Distribution Taxes
Save on federal income taxes during your retirement....> Read More
Helping Preserve Your Retirement Assets by Taking Smaller Distributions
Some people think they should never spend their principle, but this can be a mistake....> Read More