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2208 NW MARKET STREET Suite #409
Seattle, WA 98107

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Ken Lubkowski

(206) 781-5526

 

IRA

Supplement your Employer's Plan - Changing Employers - Self Employed?

IRA - Defined

A traditional Individual Retirement Account (IRA) is a retirement plan that allows individuals in the United States to direct pretax income towards investments that can grow tax-deferred.

Can be used by people with or without a current employer sponsored plan. No capital gains or dividend income is taxed until the funds are withdrawn. Distributions generally cannot be made (other than for specific economic conditions) until the individual reaches age 59 ½, and distributions are required to be made starting at age 70 ½. When distributions are paid to the individual, the amount of the distribution is treated as income for that particular tax year. Contributions to a traditional IRA may be tax-deductible depending on the taxpayer's income, tax-filing status and other factors. Compared to Employer sponsored retirement plans, the Traditional IRA generally provides for a greater number of investment options, which can allow for greater individual investment customization.

A Rollover IRA is a term generally used to define the process of transferring from a previous employer sponsored 401-k or 403-b plan to a new IRA custodian. This can allow you to keep your savings tax-deferred without incurring any current tax and provide for greater individual investment customization.

If you have changed employers or are approaching retirement, we can assist you with a Rollover IRA.