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How to Begin Saving for Retirement With an IRA

Posted on Monday, Jul 15, 2013

Saving for retirement is something many of us hope to do. During your busy schedule, it can be difficult to make time for retirement planning. One basic way to prepare for retirement is to open an individual retirement account. An IRA is essentially a savings account, except you defer paying taxes on savings until you withdraw the money accumulated over time. This type of account helps you put away money for retirement, relieving the burden of paying taxes on your savings.

Ways to Invest for Retirement

• IRA share savings account – this account has no minimum balance or term requirement, providing you more flexibility with your savings.

• IRA term share certificate account – this account requires a minimum balance of $500. The interest rate is fixed at purchase and remains in effect until your saving’s maturity date.

Types of IRA’s

• Traditional IRA – we recommend that you chose a traditional IRA account if you want a tax break right now. Traditional IRAs also make sense if you anticipate paying taxes at a significantly lower rate in retirement. This option is available in a savings or certificate account and is tax-deductible.

• Roth IRA – We recommend you choose a Roth IRA if you don't need the tax break right now and would like a more flexible investment. This option is also available in a savings or certificate account. With a Roth IRA, you do not have to take mandatory distributions over the age of 70. It also offers tax-free withdrawal if you are over 59½.

When it comes to financially planning for your future, it’s important to know your options. At Gulf Winds, we offer solutions to fit your financial goals. Contact us to learn more about your retirement planning today.

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