Individual Retirement Accounts
Individual Retirement Accounts
IRA’s are retirement savings accounts with certain tax advantages, making them ideal savings vehicles for retirement. A lot of people mistakenly think an IRA itself is an investment – but it’s just the vehicle in which you keep stocks, bonds, mutual funds, exchange traded funds, CD’s and other assets.
Unlike business retirement plans, which are accounts provided by your employer, the most common types of IRA’s are accounts that you open on your own. Others can be opened by self-employed individuals and small business owners.
In many cases, however, family owned business owners don’t take the necessary steps to assure a smooth leadership transition, either because they don’t clearly identify a successor or because they fail to prepare their company to succeed without them.
Your business or farm will transfer at some time to someone – What remains to be seen is who will ultimately wind up with the result of your lifetime of work, and if the outcome will be acceptable to you and your family.
Traditional IRA
ROTH IRA
SEP IRA
SIMPLE IRA
Making the Right Choice for Yourself.
Unfortunately, not everyone gets to take advantage of them. Each has eligibility restrictions based on your income, employment status or participation in a company sponsored plan. And all have caps on how much you can contribute each year and penalties if you yank your money before the designated retirement age.
The Appomattox Wealth Management team is ready to help you determine the right IRA for your financial situation.
