What is the difference between Traditional and Roth IRAs?

Traditional IRAs offer tax-deductible contributions and tax-deferred growth, with withdrawals taxed in retirement. Roth IRAs use after-tax contributions but provide tax-free withdrawals in retirement, including earnings.

What are the 2024 IRA contribution limits?

For 2024, you can contribute up to $7,000 to an IRA annually. If you are 50 or older, you can make an additional catch-up contribution of $1,000, bringing the total to $8,000.

Can I have both a Traditional and Roth IRA?

Yes, you can have both Traditional and Roth IRAs, but your total contributions to all IRAs cannot exceed the annual contribution limit. You can split contributions between the two types as long as you stay within the limit.

When can I withdraw money from my IRA without penalties?

Generally, you can withdraw from IRAs without penalties after age 59½. Roth IRA contributions can be withdrawn anytime without penalties, but earnings may be subject to penalties and taxes if withdrawn before age 59½ and the account is less than 5 years old.

Retirement Planning

Individual Retirement Accounts (IRAs)

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Key Benefits

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Tax advantages help your money grow faster

Multiple IRA types to match your financial situation

Flexible contribution options

Wide range of investment choices

Ability to save independently of employer plans

Coverage Amount

Contribute up to $6,500 annually (2025)

Protection Type

Retirement Planning

Application Process

Simple 15-minute consultation

Coverage Features

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Traditional IRAs offer tax-deductible contributions and tax-deferred growth
Roth IRAs provide tax-free withdrawals in retirement
SEP IRAs for self-employed individuals and small business owners
SIMPLE IRAs for small businesses as an alternative to 401(k) plans
Personalized investment strategies based on your retirement timeline
Guidance on contribution limits and required minimum distributions

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