The right IRA could help you save for your future.
Individual retirement accounts provided by Pratt Insurance Agency.
IRAs are a powerful resource in helping you reach your retirement savings goals. Our experts will show you how an IRA can help you reach your retirement goals and which IRA type may best help you save on your taxes.
Get the help you need to save for your retirement.
No matter how near or far off your retirement is, the tax advantages of Individual Retirement Accounts can be too great to pass up. Using both an IRA and an employer-sponsored plan (such as a 401(k) if you have access to one) provides the opportunity to invest more for your retirement.
Two options to choose from depending on your situation.
There are two common types of IRAs available to individuals—the Traditional IRA and the Roth IRA. Each have their own benefits depending on your specific needs and situation. See the differences for yourself to see which option would best suit your needs.
What is a Traditional IRA?
Contributions to a Traditional IRA may be tax-deductible depending on your income, your tax filing status, and whether or not you’re covered by an employer-sponsored retirement plan like a 401(k). The key benefit of a Traditional IRA is the annual tax benefits during your earning years.
What is a Roth IRA?
If you’ve earned income below a certain threshold set by the IRS, a Roth IRA may be right for you.
Contributions to a Roth IRA are not tax-deductible. The key benefit of a Roth IRA is that qualified withdrawals (made after retirement) are tax-free depending on the age of the account owner and length of time the account has been in place.
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