
Is an Invested IRA Right For You?
Features | Traditional IRA | Roth IRA |
---|---|---|
Often recommended for members if: |
You have a higher income right now and think you will be in a lower tax bracket when you are retiring. |
Your tax bracket at the time of retirement is going to be higher than at the time of contribution. |
Potential Advantages |
Tax-advantaged personal savings plan where contributions may be tax deductible.* |
Tax-advantaged personal savings plan where contributions are not deductible but qualified distributions may be tax free.* |
What are qualified distributions? |
Available for withdrawal without the 10% penalty from the IRS at age 59 ½. |
Qualified withdrawals from the account, not subject to the 10% early withdrawal fee, are those made after age 59 ½ and five years have gone by since you made your first contribution. This is known as the “five-year rule”. |
Are minimum distributions required? |
Yes, upon reaching age 70 ½. |
No. |
Should I speak to an advisor about the best plan for me? |
Yes! |
Yes! |
Schedule an Appointment | Schedule an Appointment |
*For more information, please visit https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras.
Ready To Make a Plan?
Connect with a Northeast Wealth Advisor.
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