Creating personalized strategies for each of your endeavors.
IRA (Individual Retirement Account)
IRAs allow you to make tax-deferred contributions, helping secure your financial future in retirement.
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Contributions to a Traditional IRA may be fully or partially deductible, depending on your financial situation.
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Earnings and gains within a Traditional IRA grow tax-deferred until they are withdrawn.
Contribution Limits:
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$6,500 per year ($7,500 if you are 50 or older)
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Or your total taxable compensation for the year, whichever is lower**
Roth IRA
A Roth IRA follows similar rules to a Traditional IRA but with key differences:
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Contributions are not tax-deductible.
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Qualified withdrawals are tax-free if you meet IRS requirements.
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You can continue contributing after age 70½.
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You are not required to take distributions during your lifetime.
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The account must be designated as a Roth IRA when established.
Contribution Limits:
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$6,500 per year ($7,500 if you are 50 or older)
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This limit applies collectively to both Roth and Traditional IRAs**
Non-Qualified Accounts
Non-qualified annuities are purchased with after-tax money and follow different tax rules:
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When withdrawn, the first dollars taken out represent interest (growth), which is taxed as ordinary income.
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Once the interest portion is fully withdrawn, the remaining principal (original contribution) is received tax-free.
If you opt for annuity payouts over a set period:
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Each payment consists of both taxable interest and a tax-free return of principal.
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The ratio depends on the payout type and your age at the time of distribution.
⚠ Withdrawals before age 59½ may incur a 10% early withdrawal penalty, but only on the earnings portion.**
