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Does Retirement Planning Confuse You?

Does Retirement Planning Confuse You?

If you feel overwhelmed as you try to plan your retirement, you’re not alone. Planning for retirement can feel stressful and complicated. Turn to the retirement planning professionals at Capitol Financial Solutions in McDonough, Georgia. If you’d like help with your retirement planning, you’re welcome to call us.

Is Your Retirement Plan One, Or A Combination Of, The Following?

  • Employer Sponsored Retirement Plans
    • 401(K)
    • 403(B)
    • 457 Plan
  • Small Business Owner Retirement Plans
    • Simple IRA
    • SEP IRA
    • Solo (Individual) K Plan
  • Personal Retirement Plans
    • Traditional IRA
    • Roth IRA
    • Inherited IRA
    • Spousal IRA

If you’re not sure what plan you have, don’t worry! We can help you in your retirement planning.

IRA Plans

Traditional IRA

Traditional IRAs are a common way to invest for retirement due to being a tax-advantage plan, which means that you do not owe any tax until you are ready to withdraw the money for retirement. Also, an IRA, allows you to purchase almost any amount of investments, stocks, bonds, CDs, and more. Like many other plans, the largest disadvantage is the taxes and penalties associated with premature benefits.

Roth IRA

A Roth IRA has several advantages, but the most distinct one is that if you are 59 1/2 or older you do not have to pay taxes on any money taken out during retirement. This option is also pretty flexible when it comes to premature withdraws from contributions, not earnings. There are income limits to contribute to a Roth IRA, but may be worked around.

Inherited IRA

An inherited IRA is opened when an individual inherits an IRA or employer-sponsored retirement plan after the original owner dies. This is also known as a beneficiary IRA. There are timing restrictions and tax penalties that you may incur if you do not follow the inherited IRA rules. Contact us to be proactive in handling your inherited IRA correctly

Spousal IRA

A Spousal IRA is associated with a Traditional or Roth IRA. This option is created to allow a non-working spouse to have the benefits of the associated IRA.

Rollover IRA

A rollover IRA is needed when you want to move retirement funds to a new IRA account. For example you may want to switch from a 401(K) plan to a Traditional IRA. Or your company is removing pensions, which means that you may consider a plan rollover to an IRA. You can also rollover one IRA account to another, such as a Traditional to a Roth. This rollover allows you to continue to take advantage of the IRA tax benefits.