IRA's


Traditional IRA / Rollover IRA

Traditional IRA's are investment vehicles that are tax-deferred, which simply means you generally won't pay taxes on the money in your IRA until you start withdrawing it. At that time, the money you take out of your IRA will be taxed just like regular income which is typically lower in retirement.

Tax-Deductible: Your contribution is yearly deductible on your federal earnings tax return for 12 months.

Tax-Deferred Growth: Your contribution grows tax-deferred until you withdraw the cash and you no longer pay taxes while your money increases.

Anyone Can Contribute: Anyone can contribute, as long as they’ve earned earnings; however, you cannot contribute extra cash to a conventional IRA than what you have received in yearly earned income.

SEP IRA

A SEP IRA (simplified employee pension) is a retirement savings plan established by employers, including self-employed people, for the benefit of their employees and themselves

A SEP IRA allows generous contributions limits. The 2020 SEP IRA contribution limit is $57,000 and the 2019 SEP IRA limit is $56,000.

Contributions into a SEP IRA are generally 100% tax deductible.

Interest earned in a SEP IRA grows tax-deferred.

Contributions into a SEP are completely discretionary. The percentage of contribution can vary year to year or can be stopped depending on profitability.

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