Getting the retirement you want could be easier than you think.
An IRA can be a great way to plan for the future. Whether you're looking to supplement a work retirement plan, don't have a work plan, or have retirement money from a previous job to invest, we're here to help you understand your options and make smart decisions.
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Whether you dream of flip flops or gardening gloves, a Traditional IRA can help you plan for your goals.
A Roth IRA that can help you enjoy some tax-free money and make your retirement that much sweeter.
Rolling money from an old 401(k) into an IRA can be an easy way to help plan for a sunny future.
Choosing an IRA
“Goodbye tension, hello pension."
That certainly captures the feeling of freedom that comes with the idea of what retirement may be like.
There's only one problem. Defined benefit pension plans – those are the ones that guarantee a monthly benefit at retirement, mostly all on the employer’s dime – are going the way of the dinosaur. In fact, only 18% of Americans employed in private industry were covered by a pension plan in 2011.1
So what’s a hard-working person supposed to do?
Certainly, you should participate in your workplace 401(k) if you have one. But there are additional ways to prepare for retirement, and a favorite is the tax-advantaged Individual Retirement Account, commonly known as an IRA. Even if you participate in a retirement plan at work, you can probably start an IRA, and you might be able to contribute to an IRA for a non-working spouse, too.
Depending on the type of IRA you open – Traditional or Roth – IRAs can be a great way to:
- Save money for your future retirement
- Enjoy potential growth tax-deferred or tax-free2
- Roll over money from other retirement accounts
- Get access to different investment options, something you might not get in your other retirement accounts
May lose value
No bank guarantee
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1”The last private industry pension plans,” U.S. Bureau of Labor Statistics, January 3, 2013.
2Tax penalties may also apply, depending on how the money is used. COUNTRY Financial and our representatives cannot give tax advice. Any information we provide reflects our understanding of current tax laws, which are subject to change and reinterpretation.