Rollover IRA

When it comes to growing your money over the long term, studies have shown that tax advantage is a major benefit, which is why tax-advantaged Individual Retirement Accounts (IRAs) and 401(k)s are so popular when it comes to saving for retirement. But one of the most important aspects of owning an IRA or 401(k) is knowing the best ways to approach taking income or withdrawals from those accounts. If you don’t know the rules, you can end up paying more in taxes than is necessary.

Learn How to Move Your Old 401(k) Into a Rollover IRA

When it comes to taxation, there are basically three different types of investments: 1) regular taxable investments; 2) tax-free investments like Roth IRAs; and 3) tax-deferred investments like traditional IRAs and 401(k)s, which are taxable when you decide to withdraw your funds.

Taking advantage of the tax benefits that IRAs and 401(k)s provide can help boost the amount of income your investments can generate in retirement. However, since tax codes are constantly changing, you must make sure to keep up with the changes.

Through our tax minimization strategies, we can advise you on some of the best ways to withdraw funds from your qualified retirement accounts to help maximize the tax advantages offered by each one.

One of the services we offer that can help you maximize the tax advantage includes rolling over a 401(k) to an IRA. Doing so can not only provide you with access to more investment options, but it can also help to lower the fees you pay.

IRA Rollover to Roth IRA

Converting a 401(k) or regular IRA to a Roth IRA is another strategy that may provide certain tax benefits. For example, you could convert some funds in a qualified retirement account, like a 401(k), to a Roth IRA ahead of retirement. Although you’ll still owe taxes on the amount you convert, you won’t have to pay taxes on withdrawals you make later in retirement.

Give our office a call to schedule a complimentary consultation so we can answer any IRA or 401(k) questions you might have, such as:

  • What is the cost to roll over a 401(k) to a Roth IRA?
  • What is the best time to convert a 401(k) to a Roth IRA?
  • Can I transfer my 401(k) to an IRA while still employed?

Individual Life Insurance

Life insurance is among the most useful — but also the most misunderstood — financial tools available. For many people, it is one of the most important investments in their portfolios. Most people are aware of life insurance as a tax-advantaged death benefit for their loved ones, but it is potentially so much more than that. Permanent life insurance, as part of your broader retirement income strategy, can also help you:

  • Protect your hard-earned savings from creditors and lawsuits depending on the state in which your policy was issued.
  • Build wealth faster through tax-deferred policy cash value growth.
  • Create a source of supplemental retirement income you can access through tax-advantaged loans and withdrawals.
  • Protect your family and beneficiaries from unnecessary tax burdens.

Insurance can also help you diversify your investment portfolio, add predictability and stability to your financial plan, and help further minimize risk in your retirement strategy overall.

Insurance is one of the most flexible financial tools, with policies that are unique and individualized to your situation. What’s more, not only are insurance plans customizable, but how you choose to pay your premiums can also be tailored to your needs. The right policy can potentially provide you and your family with an asset that can help safeguard your dreams and goals both during your life and after your death.