Everyone who is earning an income and who plans to retire one day should start saving for retirement. With multiple types of retirement savings accounts out there, though, knowing which type of retirement savings account is most appropriate can be overwhelming. For many individuals whose employers do not offer 401k or 403b savings options, an Individual Retirement Account, or IRA, is ideal. Here’s what you should know about IRA and how our retirement planning professionals can help—
An IRA is a tax-advantaged retirement savings account for individuals. There are three different types of IRAs, each of which has its own tax advantages:
The reality is that you will probably need more money during retirement than you think. Indeed, you may need up to 85 percent of your pre-retirement income, or more! If you haven’t put this money away, meeting your financial needs during retirement could prove challenging.
Even if you have a 401k or another type of retirement account, opening an IRA may still be a good idea. An IRA can help you to supplement your current savings and explore a wide range of investment options. Additionally, an IRA offers tax-deferred growth, which is ideal.
Planning for your financial future can be difficult, and there may not always be clear answers around the best way to save for retirement. At Harvest Wealth Partners, our financial consultants understand what you’re going through, and we want to help. To learn more about IRAs and our retirement planning services, reach out to us directly today. We are here to help!
Harvest Wealth Partners is committed to helping our clients work towards a successful future. We believe in your potential to understand the financial options that can lead you to your goals. Call us today to partner with our team. We look forward to continuing our mission for years to come.
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