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Financial Planning

Individual Retirement Plans

Do you have a vision of your retirement lifestyle? You may want to travel or take up a hobby. You may plan to buy a retirement home on the beach or volunteer at a local hospital. One thing is for certain, no matter what your retirement vision involves, you don’t want to worry if your plan has enough value to sustain you for the remainder of your life. Planning ahead now with skilled advisors will help you attain the financial security in retirement that you deserve.

The accountants and financial advisors of PG&S will meet with you and discuss your post-retirement dreams. We will evaluate all potential income streams, consider your risks and discuss the tax implications of the plan you choose.

Contact PG&S Accountants and Advisors today so we can help you plan for tomorrow.

PG&S Accountants and Advisors
{We’ve Got This}

Individual Retirement Accounts (IRA) Plans

Individual Retirement Accounts (IRAs) are the most common retirement savings vehicle and represent the largest pool of assets in the retirement market at $7.6 trillion1. They provide tax advantaged savings opportunities for individuals not covered by an employer sponsored plan as well as a supplement for those seeking to save more for retirement. In addition, people transitioning out of the workforce into retirement leverage IRAs as their main investment vehicle.

Traditional IRA Benefits

A major benefit of investing through a Traditional IRA is the tax-deferred growth potential. This means investors do not pay any taxes on earnings and contributions until they are withdrawn, which can potentially make a dramatic difference in the amount accumulated over time. For 2015, the maximum an investor may contribute is $5,500 plus an additional $1,000 at age 50 or above.

  • Eligible investors. Individuals under age 70½ with earned income.
  • Tax-deferred growth. Contributions may be fully or partially deductible, based on income level and participation in an employer’s retirement plan.
  • Access to funds. In certain cases funds may be accessed early with no penalty.
  • Mandatory distributions. Required Minimum Distributions must commence following age 70½.
  • Spousal IRAs. A working spouse can contribute on behalf of a non-working spouse.

Roth IRA

A key benefit of a Roth IRA investment is the potential for tax free distribution of earnings. Contributions made to a Roth IRA are used with monies that have already been taxed. In addition, as most IRA households own a Traditional IRA1, a Roth IRA investment may help to diversify their tax base by potentially hedging against higher taxes with tax free earnings. For 2015, the maximum an investor may contribute is $5,500 plus an additional $1,000 catch-up at age 50 or above.

  • Eligible investors. Individuals with earned income who meet certain income levels may contribute directly to a Roth IRA. If your client is not eligible to contribute directly to a Roth IRA investment, non-deductible contributions can be made to a Traditional IRA, and then re-characterized into a Roth IRA.
  • Earnings accumulate tax free. Once the account has been open for at least five years, withdrawals made after age 59½ are free from federal income taxes.
  • Penalty-free early withdrawal of earnings. Earning can be withdrawn early, no penalty, under certain circumstances.
  • Extended tax free growth. There are no Required Minimum Distributions after age 70½.
  • Spousal IRAs. A working spouse can contribute on behalf of a non-working spouse.

Roll Over Your Existing Plan

To help keep your retirement savings growing, you can roll the money into an individual retirement account. Rolling over to an IRA provides the same advantage of tax-deferred growth that you received through your employer’s retirement plan. If you have additional retirement plan accounts from other former employers, you may want to consider consolidating them into an IRA as well. You can roll your pretax savings directly into a traditional IRA and your Roth 401(k) savings into a Roth IRA.

Quick Links

- IRS Forms
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- Where Is My Federal Refund
- Where Is My NJ Tax Refund
- Financial Documents Timeline
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Contact Us

9700 Pacific Ave, Suite 102,
Wildwood Crest, NJ
Phone: (609) 729-0215

21031 Catawba Ave, Suite 104
Cornelius, NC
Phone: (704) 765-5188

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