A traditional Individual Retirement Account (IRA) is a personal, tax-deferred retirement plan established for those who receive compensation or earned income from employment, as well as those who are divorced or separated and receive taxable alimony or maintenance payments and have not yet reached the age of 70 ½. IRAs were created to provide these individuals with the opportunity to build their own tax-deferred retirement savings program.
One of the downsides of both traditional IRAs as well as 401(k) and 457(b) plans is that every year, starting at age 70 ½, millions of Americans are forced to take Required Minimum Distributions (RMDs) from their qualified plans. In addition to increasing your ordinary income taxes and leaving you with less disposable income, RMDs can drastically decrease the amount of money that will be left for your beneficiaries after you’re gone.
Simon and Simon Financial has many strategies and options which may benefit you. We work closely with you to help ensure that you are using every possible option to pay only your fair share of taxes. We are passionate advocates for our clients and believe deeply that they should retain, grow and transfer all that they have worked so hard for. Contact us today and let’s discuss some of the IRA solutions we’ve uncovered in our 50+ years of combined experience