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.
Request a Quote!
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