IRA & Retirement Planning in League City
Get the Most Value from Your Retirement Assets
Many individuals reach retirement without properly securing their assets and ensuring they’re protected when the time comes. Navigating IRS rules revolving around your IRA, 401(k), or other retirement plans requires an estate planning attorney who is well-versed in tax reduction methods relevant to your personal financial circumstances. Our League City estate planning lawyer at The McNair Law Group, PLLC can plot a course through these waters for you and help set you up for comfort during retirement.
How Does an IRA Work?
This investment account comes with numerous advantages. With a traditional IRA or Roth IRA you don’t pay any taxes on earnings for the retirement account. You instead have the opportunity to reinvest the earnings to continue developing the account assets. Upon reaching retirement age and when you begin making withdrawals from the account, you can manage your tax obligation based on income and the withdrawal totals.
There are four types of IRAs to choose from, based on your situation:
- Traditional IRA: Funded with “pre-tax” dollars, you won’t pay any taxes on your contributions or interest until you start taking withdrawals.
- Roth IRA: Unlike a traditional IRA, the Roth IRA is funded with “after-tax” dollars. The earnings and withdrawals are generally tax-free, sometimes a tremendous advantage in retirement.
- Savings Incentive Match Plan for Employees (SIMPLE): An employer-sponsored plan for businesses with fewer than 100 employees. Also available for self-employed individuals.
- Simplified Employee Pension (SEP): An employer-sponsored retirement plan with higher contribution limits than the SIMPLE plan.
Start Planning Now
Attorney McNair knows the ins and outs of retirement planning to assist our clients with these tough financial decisions. Making the right choices can afford you tremendous tax benefits now and in the long run, so surveying your assets and defining your goals now is ideal.
Call The McNair Law Group, PLLC today at (281) 784-3340 or contact our League City estate planning lawyer online for more information.