Retirement Planning

Protect Today, Prepare for Tomorrow!

What You Get

Individual Retirement Accounts

Our life expectancy rates have gone up. As well as the price for healthcare. That means the earlier you retire, the more years you will be dependent on your savings. Sometimes, we can’t even choose the date – life tells us when. 

Once you retire, your sources of income change radically. Your savings might not be enough to cover all the expenses. To enjoy a financially secure future, we recommend starting saving for retirement individually as soon as possible. We offer plans which can help you create TAX-FREE income for life. 

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How to Choose:

Traditional IRA

Best if you expect to be in a lower tax bracket in retirement.

Tax Benefits

Tax-deferred growth. You get a tax break up front and pay taxes later. Contributions are tax-free and earnings grow tax-deferred.

Early Withdrawal Penalty

Yes. You may be subject to a 10% for withdrawals before age 59½ unless an exception applies.

Minimum Required Distributions (MRD)

MRD Applies. Minimum required distributions after age 70½.

Age Limits

Mandatory withdrawals starting at age 70½.

Income Limits

No income limits.

Contribution Limit (tax year 2019)

$6,000.Or $7,000 if you’re over 50, subject to income limitations.

ROTH IRA

Best if you expect to be in a higher tax bracket in retirement.

Tax Benefits

Tax-deferred growth. Contributions are taxed as income and earnings grow federal tax-free if owned over 5 years.

Early Withdrawal Penalty

No penalty for withdrawal contributions, but you may be subject to a 10% penalty for withdrawing earnings before age 59½.

Minimum Required Distributions (MRD)

Not subject to MRD.

Age Limits

No age limits. No age limits for contributions or withdrawals.

Income Limits

Some income limits.Depending on your income and tax filing status.

Contribution Limit (tax year 2019)

$6,000.Or $7,000 if you’re over 50, subject to income limitations.

Location

579 W North Ave Suite 300, Elmhurst, IL 60126, USA

Phone: (630)-785-2412

Fax: (630) 785-2426

Email: info@goodwillfinancial.com

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