Individual Retirement Accounts
Retirement should be a breeze. Northeast Financial Group can help you attain your retirement savings goals with a personalized IRA.
An individual retirement account, or IRA, is an investing tool used by individuals and businesses to earn funds for retirement. An IRA is probably the most basic form of retirement planning available and one of the major advantages to opening an individual retirement account is receiving substantial tax breaks, which is critical to establishing solid savings.
It can be difficult to conclude which type of IRA is best for your situation, especially considering that there are various versions of individual retirement accounts. At Northeast Financial Group we can help you determine which IRAs you qualify for and which are most appropriate for your unique retirement savings goals. Some of the most common individual retirement accounts include:
- Traditional IRAs – A tax-deferred retirement savings account that isn’t taxed unless you with withdraw money from it, allowing your IRA to grow faster than a taxable account.
- Roth IRAs – An after-tax retirement savings account that is funded with money that you’ve already paid taxes on up front. This means that your money will grow tax-free and when you withdraw funds at retirement you will receive the full amount in your account.
- SEP (Simplified Employee Pension) IRAs – A type of traditional individual retirement account for the self-employed or small business owners. An advantage the SEP IRA has over the standard IRA or Roth IRA is a higher contribution limit with contributions only coming from the employer.
- SIMPLE (Savings Incentive Match Plan for Employees) IRAs – A type of traditional IRA for the self-employed and small businesses. Unlike the SEP IRA, SIMPLE individual savings accounts allow employees to contribute and the employer is required to make contributions on the employee’s behalf.
Opening an IRA with Northeast Financial Group is an easy way to get your retirement savings in motion and on track. Our strategists will work with you to create the best plan for your personal retirement requirements. To learn more about IRAs and the other retirement planning services offered here at Northeast Financial Group, contact us today! We’re available toll free at 888-206-5131 and through our online form.