IRAs (Roth & Traditional) Chicago
You have probably heard about recent tax incentives offered to consumers with Traditional IRAs or 401k Rollovers who wish to convert their accounts. Murray Insurance & Financial Services can outline the advantages of converting your traditional IRA or 401k rollover. With the down economy, your earned income has probably dropped. That could make right now the perfect opportunity to convert to a Roth IRA. Contact our office at 888-817-2837 to speak directly with an agent to determine your eligibility.
Decisions should always be made in support of your long-term goals. Based on your age, need for income, annual earnings, tax bracket and other variables, each type of IRA has its advantages. Listed below are some of the important considerations for comparing a Traditional IRA with a Roth IRA:
Advantages/Disadvantages of a Traditional IRA:
- Tax Deductible Contributions for Most Income Levels
- Funds Used to Purchase a Variety of Products
- Withdrawal Before Age 59 1/2 Subject to Penalties
- Taxes on Earnings Not Paid Until Withdrawal
Advantages/Disadvantages of a Roth IRA:
- Contributions are Not Tax Deductible
- Funds Used to Purchase a Variety of Products
- Principal Contributions Withdrawn at Any Time
- Earnings & Principal 100% Tax Free
Making contributions to a Traditional IRA or Roth IRA are great ways to save for your future. We recommend you seek the advice of a qualified agent before converting an IRA or enacting a 401k rollover. Whether you live in Illinois or Wisconsin, we can provide affordable solutions for your future using both Traditional IRAs and Roth IRAs. Thank you for visiting our website and let us know how we can improve your online experience.