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IRA / Individual Retirement Accounts

An Individual Retirement Account (IRA) is a tax advantaged retirement savings plan created by the US government to encourage individuals and small businesses to save for their retirement. Some investments selected inside these accounts may include mutual funds, stocks, bonds, annuities and CDs.

An Individual Retirement Account (IRA) can be established for individuals and for small businesses. The IRA accounts setup by individual investors are the Traditional IRA, Roth IRA and Rollover IRA. Small businesses and self employed individuals can setup a Simple IRA or a SEP IRA.

IRAs for Individual Investors

Traditional IRA

A Traditional IRA is a personal savings account that allows individuals to contribute pre-tax income into an Individual Retirement Account. The 2015 Traditional IRA contribution limits are $5,500 and $6,500 if age 50 or older. Contributions to a Traditional IRA may be tax deductible (depending on the taxpayer's income, tax filing status) and investment interest grows tax deferred. With a Traditional IRA you do not pay taxes on the dividends and investment earnings until after you withdraw the assets. Withdrawals from a Traditional IRA are taxed as income after age 59 ½. Withdrawals made prior to age 59 ½ may incur an additional income a penalty of 10%.

Learn more about the Traditional IRA.

Roth IRA

A Roth IRA is a personal savings account that allows individuals to make after-tax contributions into an Individual Retirement Account. Roth IRA contribution limits for 2015 is $5,500 and $6,500 if 50 or older. Contributions to a Roth IRA are not tax deductible and investment interest grows tax free. Withdrawals from a Roth IRA are tax free after age 59 ½. 

Learn more about the Roth IRA.

Rollover IRA

A Rollover IRA is a tax free transfer of funds from an ex-employer’s retirement plan such as a 401k, 403b, 457 or Thrift Savings Plan to an IRA. When you change jobs you are entitled to transfer or “rollover” your previous employer's retirement plan to a Rollover IRA.

Learn more about the Rollover IRA.

IRAs for the Self Employed and Small Businesses

SIMPLE IRA

The SIMPLE IRA is an employer sponsored retirement plan available to small businesses with less than 100 employees including sole proprietorships, partnerships, S corporations and C corporations. In 2015 the maximum employee Simple IRA contribution limit is $12,500 or $15,500 for those age 50 or older.

Learn more about the SIMPLE IRA.

SEP IRA

The SEP IRA is a retirement plan that is ideal for small business owners and self employed individuals. The SEP IRA contribution limit for 2015 is $53,000.

Learn more about the SEP IRA.

In addition to these IRA accounts self employed individuals and small business owners can potentially select either an Individual 401k or Defined Benefit Plan.

Individual 401k

The Individual 401k is a retirement plan for self employed individuals with no employees other than the business owner or the business owner and their spouse. The Individual 401k contribution limit for 2015 is $53,000 and $59,000 if age 50 or older.

Learn more about the Individual 401k.

Defined Benefit Plan

Defined benefit pension plans are retirement plans that can offer substantial tax deductible retirement contributions and significant future retirement income to the self employed and small business owners. Depending on the age and income of the business owner, annual contributions can exceed $100,000 or more.

Learn more about the Defined Benefit Plan.

 

How Can BCM Help You?

Beacon Capital Management Advisors is experienced in helping individual investors and small businesses save for their retirement and we welcome the opportunity for you to speak to a BCM Advisor to learn more about the IRA services we provide to our clients. BCM is registered in 50 States and is an Accredited Business of the Better Business Bureau since 2004. Complete the form below and a BCM Advisor will promptly respond to your inquiry.

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Disclosures:

*The information on this page is for informational purposes only and does not constitute, and should not be construed as, professional, legal or tax advice. To determine your individual tax situation and specific needs, please consult a professional tax advisor.

*Information contained in these sections merely highlight some benefits. There are risks involved with all investments that could include tax penalties and risk/loss of principal.