Investing in your future is one of the smartest things you can do with your money. With the various types of IRA retirement plans available, doing this is easier than many realize. Choosing an investment company to handle your finances, assist you in deciding what IRA is best for you and ensure you keep on track is one of the key aspects to a happy, comfortable retirement. When learning about the types of IRAs these companies offer, it is important to keep your mind open to the possibilities. In many cases, an individual will find there are several options available that suits their needs and offers them the investment they’ve been hoping for.
A Traditional IRA
If you want to fund your own retirement account, choose the investments you make and have the option of transferring things, such as 401ks and other accounts, perhaps a traditional IRA is the choice for you. These IRA retirement plans allow an individual to add money directly into their account, giving you the opportunity to watch your savings grow. With the additional freedoms of making your own investment choices, this is one of the most popular IRAs available.
The Roth IRA
Paying taxes on your investment now saves you the hassle of paying in the future when you find yourself in need of your retirement spending. This is the main advantage of a Roth IRA. These IRA retirement plans offer many of the other benefits of a traditional IRA, such as the ability to move funds like 401ks. Paying taxes as you do all this gives you the opportunity to avoid income taxes when retirement time comes. Another advantage of the Roth IRA is the fact you can add to your seed as long as you are working after the normal cut-off of 70 years of age.
For more information on IRA retirement plans, visit Mountain West IRA on their website or call 866-377-3311.
