Advance planning is the key to a secure retirement. If you act in a measured, disciplined manner over an extended period of time, you should be able to accumulate the resources that you need to retire in comfort.
Individual Retirement Accounts
You can build a retirement nest egg by making contributions into an individual retirement account. There are two different types of IRAs that are typically utilized: traditional individual retirement accounts, and Roth IRAs.
With a traditional individual retirement account, you make contributions before you pay taxes on the income. Because of this arrangement, the withdrawals that you take are subject to taxation.
You can start to take penalty free withdrawals when you reach the age of 59.5, and you are compelled to take mandatory withdrawals when you are 70.5 years of age.
A Roth IRA works in the reverse manner. You make contributions after paying taxes, but the withdrawals are not subject to taxation. Some people can derive estate planning benefits from Roth IRAs because there is no mandatory minimum withdrawal requirement.
Download Our Free IRA Report
To obtain some in-depth information about individual retirement accounts, download our free special report on the subject. You can obtain access to the report through this link: Free Individual Retirement Account Report.
Campbell California IRA and Retirement Planning Free Consultation
Retirement can be one of the most satisfying periods of your life if you are properly prepared. On the other hand, it can be an opportunity lost if you live in the moment without following any particular plan.
We can help you put an effective retirement plan in place. Our firm offers free Campbell California IRA and retirement planning consultations to people in the greater San Jose area. To set up an appointment, contact us through this website or give us a call at (408) 356-9200.