IRA & ROTH IRA
IRA & ROTH IRA
IRA (Individual Retirement Account) and Roth IRA are long-term investment accounts for retirement that help you build efficient assets with tax benefits.
Traditional IRAs offer tax deductions when you make contributions, while Roth IRAs offer tax-free withdrawals.
JYL will accurately analyze and design which method will be more advantageous for you by considering your income level, tax structure, and retirement timing.
Key Features
- Accounts for personal retirement planning:
Individuals can save money in an IRA to use as funding for retirement.
- Tax benefits available:
The government encourages retirement planning by offering tax breaks on the amount you save in an IRA.
- Two types:
There are traditional IRAs and Roth IRAs, and each type has different tax benefits, so you should be careful when choosing.
- Contribution limits:
There are legal limits on how much you can contribute to an IRA each year. As of 2024, the IRA contribution limit is $7,000 ($8,000 if you’re age 50 or older).
- Available investments:
IRAs can invest in a variety of investment products. These include stocks, bonds, funds, and ETFs, and investors can choose investment products based on their risk tolerance level.
Benefits
- Preparing for early retirement and stable retirement income
- Tax benefits based on income level
- Long-term asset growth through compound interest
- Traditional IRA: Contributions Tax Deduction
- Roth IRA: Tax-Free Withdrawals
- Free investment options to choose from
If you start now, your life in retirement can be more free.
Frequently Asked Questions (FAQ)
Can anyone join an IRA?
Generally, anyone with earned income can contribute to either a Traditional IRA or a Roth IRA.
What is the biggest difference between a Roth IRA and a Traditional IRA?
Traditional IRA contributions are tax deductible and withdrawals are taxable, while Roth IRA contributions are taxable and withdrawals are tax-free.
Can I convert a traditional IRA to a Roth IRA?
It is possible. This is called a Roth Conversion and taxes may be due at the time of conversion.
JYL Insurance Services
Life Insurance
Life Insurance is a strong financial safety net that protects your family's future even in unexpected situations.
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Annuity eliminates the uncertainty of retirement and guarantees a stable monthly income.
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Disability Income Insurance Protects your income if you are unable to work due to an unexpected illness or accident.
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Long Term Care We reduce the burden of nursing care costs in old age and help you live a dignified life.
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If you have any questions or would like to receive a quote, please fill out the form below. JYL Insurance will always think of your safety! Thank you!
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Email: jylfinancialgroup@gmail.com
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