Do you know the difference between a Traditional IRA & a Roth IRA??
IRA accounts, otherwise known as, Individual Retirement Accounts are a way for to save for retirement. A Traditional IRA can be funded with pre-tax contributions and can be a tax deductible (check with your tax advisor) and grow tax-deferred until age 70 ½ (when the IRS requires you to begin distributing the assets).When you retire and draw on the funds, the money would be taxable as ordinary income.Theoretically, you would be in a lower tax bracket during the withdrawal phase.It is important to note, that any distributions taken prior to 59 ½ are subject to both taxes and an early withdrawal penalty from the Fed of 10% and the State of 2.5%.
Attentive Investment Managers is open for in-person business by appointment only. Masks and hand sanitizer are available in the office, and all appropriate safety and sanitation measures are being followed.
Online and remote consultations are still available for those who prefer that option.
If you'd like to schedule an appointment, please contact us.