In the United States the personal savings rate is less than 5% of income.  It is important to understand we are all responsible for saving for our futures.  An IRA is an Individual Retirement Account and serves as a savings like account that includes tax benefits and a perfect way to put money away for your retirement.  Anyone can contribute to an IRA depending on your taxable income level and other qualifications.  The contribution maybe tax deductible   It is a great idea to put as much as you can, however the contributions limits for 2015 are $5,500 (under 50 years old) and $6,500 (50 and over) (based on full eligibility).  

With IRA’s the savings concept here is two-fold, they are tax deductible contributions and are allowed to grow tax-free prior to withdraw.  The concept is that when you retire after 59 ½ you will, in theory, be in a lower income tax bracket and therefore have tax savings on any withdraws you may take.

In Roth IRA’s the contributions are after tax dollars (exactly like a savings account) with a twist.  Roth IRA’s grow tax free and if withdrawn after 59 ½ completely tax free. Also, principal investments can be withdrawn tax & penalty free at any time.

Inheriting an IRA account can be complicated when navigating the ins and outs of the Required Minimum Distributions.  For instance, if a daughter inherits her father’s IRA she must withdraw a percentage of the assets in the account based on a life expectancy table.  Alternately, a spouse may simply take ownership of the IRA without requirement of inheritance or withdraw.

We have the knowledge to assist you in navigating IRA contributions, distributions, rollovers, inheritances and required minimum distributions (for individuals at age 70 ½ and for non-spousal beneficiaries).

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Due to renewed State orders for shelter-in-place we will be modifying our office operations. We will be suspending services at our physical office for the public. However, we are available to you via web meeting (zoom), email and telephone (Phone lines have been forwarded to our personal cell phones) during regular business hours. We will be able to fully service all your investment needs with no interruption.

You may drop contribution checks at our office through the mail slot or they may be mailed directly to TD Ameritrade (address listed below). Please be sure to notate your account number on the check.

TD Ameritrade
PO BOX 650567
Dallas, TX 75265-0567

Rest assured that we will continue to monitor your investments and market conditions on an ongoing basis with no interruption. Should you have any questions or concerns please feel free to contact us.

We will navigate this crisis as best we can, coming together and making shared sacrifices. We hope that we can help to slow down the effect of this virus together and solve this swiftly. We also wish everyone well and would like to extend our gratitude for your patience during these trying times. Continue to watch for updates from us.