IRA Accounts

Is your retirement savings being taxed? Find out how to meet your retirement goals with tax-free or tax-deferred growth with an IRA account. Explore the different types of IRAs and compare a traditional IRA with a Roth or rollover IRA account. At Jacobs Financial, we work with you to create an investment strategy that fits your family, lifestyle, and retirement goals.

Benefits of Investing in an IRA Account

Most retirement plans require a significant amount of savings to live comfortably. If your goal is 80% or 85% of your pre-retirement income, it can seem like a daunting task for your 401(k). An IRA works with your 401(k) and other savings plans to help you reach your retirement goals. IRAs also have a maximum contribution, but these contributions can combine with your other retirement investments and savings to create a healthy retirement portfolio.

Types of IRA Accounts

There are three basic types of IRA accounts to choose from. Compare these three and discuss them in-depth with your team at Jacobs Financial:

  • Roth IRA: A Roth IRA uses after-tax money to allow tax-free growth and tax-free withdrawals. As long as you follow the conditions for withdrawal, you won’t have to worry about paying additional taxes on your savings.
  • Traditional IRA: A traditional account creates tax-deferred savings. You can deduct your contributions on your tax returns, then enjoy a lower tax rate while in retirement.
  • Rollover IRA: If you have another qualifying retirement plan and wish to turn it into a traditional IRA, this is called a rollover IRA. This is a common strategy to move an employer-sponsored 401(k) into an IRA upon leaving your place of employment.

Learn More Today

Explore our financial services today to see how you can take advantage of these features of a rollover IRA or Roth IRA. Don’t just save for retirement, but exceed your financial goals with the personalized help of our team.