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By Jess Bedsole
Taxes are a huge part of planning for retirement. Knowing how much you spend on taxes today will help you plan for your retirement down the road, however far away it may seem.
An Individual Retirement Account (IRA) is a retirement account you can build over time and only pay taxes on once. Whether taxes are paid in the beginning when the money is initially invested (Roth IRA) or at the end when the money is withdrawn (Traditional IRA), different types of IRA accounts have different standards for taxation.
How does the money grow in an IRA account? Think of an IRA as a bucket. Inside that bucket are all different stocks, bonds, money markets and other types of investments that build on themselves and accrue interest over time.
If you have a 401(k) plan from a previous employer to which you are no longer contributing, rolling that money into a Roth or Traditional IRA may be a smart move, depending on your savings and retirement goals. Traditional IRA account owners should consider the tax ramifications, age and income restrictions in regards to executing a conversion from a Traditional IRA to a Roth IRA. The converted amount is generally subject to income taxation.
Want to discuss if an IRA is right for you? Visit our website or call 800-328-1935 to set up a no-cost, no-obligation financial planning session with a financial consultant with Alliant Retirement and Investment Services
Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Alliant Credit Union and Alliant Retirement and Investment Services are not registered broker/dealers and are not affiliated with LPL Financial. The financial consultants of Alliant Retirement and Investment Services are registered representatives of LPL Financial. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VI, WA, WI, WV, WY.
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The LPL Financial Registered Representatives associated with this site may discuss and/or transact securities business with residents of all 50 states.
*Financial consultants registered with LPL Financial.