IRA Planning

In simple language, an individual retirement account (IRA) is a program set up by a financial institution allowing you to save money for retirement while offering you a tax break. IRAs are designed to encourage you to save through an investment company, online brokerage, bank, or personal broker. There are different IRAs, including Roths, traditional, SIMPLE, and SEP IRAs.

Understanding IRA planning can help you set your retirement on your terms, focusing on your goals as your money grows. Whichever IRA services you choose, the tax benefits let your money grow and compound quicker than a taxable account. However, it's important to seek a reputable IRA advisor to guide you in your retirement planning strategy.

Navigating the Various Types of IRAs

As mentioned, there are many different types of IRA accounts. While they may sound simple, our experience at The IRA Specialists can benefit you in making sense of each option. We understand the complex, detailed rules surrounding individual retirement accounts. This way, we will help you determine the IRA that addresses your needs. But let's take a deeper look at the types of IRAs.

  • Roth IRAs

This is a tax-advantaged personal savings plan. Your contributions are made after-tax, allowing your money to grow with tax-free withdrawals at retirement. Roth contributions are not deductible.

  • Traditional IRAs

Like Roth IRAs, traditional IRAs are also tax-advantaged personal savings plans. However, your contributions may be tax-deductible. If a retiree’s tax bracket is lower than was the case during the working years, it would make sense to have the tax-deferred funds withdrawn at a lower rate.


The term SIMPLE stands for Savings Incentive Match Plan for Employees. Under this plan, when employees make salary reduction contributions, the employer may make a matching or nonelective contribution.

  • SEP IRAs

SEP IRA refers to the Simplified Employee Pension plan. It's a simple plan in which the employer makes contributions directly to an IRA account set for every worker, and each worker has the option to make his or her own contributions.

These are some of the most common arrangements to build your savings for retirement. IRAs can be invested in bonds, stocks, and mutual funds, as well as bank deposit accounts.

Frequently Asked Questions (FAQs)

How does an IRA grow your money?

Growing your money in an IRA depends on many factors, the amount you have invested, the risk you will assume as an investor, and the type of plan you choose. An IRA is not, itself, an investment but a type of account that can hold a wide range of investments. The growth of the investments i either tax deferred as with most IRAs, meaning that withdrawals are taxed as ordinary income, or, in the case of Roth IRA, are not subject to any tax if certain qualifications are met.

What are the benefits of using a financial advisor to manage my IRA?

While you can manage your funds alone, working with a financial advisor at The IRA Specialists can help you save energy, time, effort, and avoid errors. Using a financial advisor to manage your IRA helps you develop a comprehensive plan addressing major areas of concern. An advisor will also provide guidance when unexpected issues arise along the way. In addition, a experienced IRA advisor can help you assess your current situation and choose the type of IRA that addresses your needs.

Can you have multiple IRAs?

The short answer is yes. You can have multiple IRAs. However, your total contribution may not exceed the Internal Revenue Service-set limits in a given year.

Why You Need The IRA Specialists to Work With You

The complexities surrounding IRA rules can be confusing, and that's why you need our professional experience to navigate the ins and outs of IRA laws. As people make the transition to retirement, the magnitude of the problems linked to the rules comes to light. Many IRA owners may not be aware of their errors, and sometimes the beneficiaries suffer the consequences.

Some investors make these errors because they fail to seek professional advice. However, with our retirement advisors and experience, we help you manage your IRA and guide you on navigating the complex issues associated with these accounts. Here is how we do it.

  • Maximizing Your Retirement Accounts

With our guidance, you can avoid common mistakes made by other investors. We can also help you maximize the hard-earned money you save in these accounts. Our IRA services will show you how to actively manage your savings, and work towards growing them into reliable retirement assets.

  • Transitioning Into Retirement

We are more than financial planners. Our priority is to help you have a fulfilling retirement through successful goals. Our IRA advisors will guide you on preparing and transitioning to retirement by helping you select an appropriate plan and by illustrating a comprehensive picture of what you might expect as you enter this next phase of your life.

  • Making Better Use of Your Social Security Benefits

If you have not properly planned when to take your Social Security benefits, you may make costly oversights. But with The IRA Specialists, we will help you plan how to maximize your benefits by developing a retirement distribution plan that takes into account the many options available with Social Security.

For a better understanding and experience, you can always, you can always contact us. Get in touch today!