One common question that I receive from individual tax clients and my wife (Megan) gets from financial planning clients is, “What retirement savings options are available to me outside of an employer sponsored retirement plan?” A few of the reasons why someone might be interested in other types of personal retirement accounts can include investment choice flexibility, potential tax savings, or becoming self-employed.
This is a very important topic and I want to spend plenty of time thoroughly explaining the ins and outs of some of the IRA types that exist, so we will be working through this in a three part series over the upcoming days. We will cover these three key segments of IRAs and how each could benefit you:
- Roth IRA
- Traditional IRA
- SEP IRA/SIMPLE IRA
We will discuss the qualifications of who can participate, dollar limits, income phase-out concepts, and why some of these might be a good option for you whether you are an employee who is already in a 401(k) plan or if you are self-employed and need to focus on putting back some money for retirement.
I hope that you will “Like” the Wisdom of Wealth Blog Facebook page and visit the Wisdom of Wealth website to sign up for notifications of new blog posts. I am excited to share some valuable information with you throughout this series, and hope that you will follow along!
Thanks for your support!
-Wes