Starting an IRA
Are you struggling to allocate assets for retirement savings purposes? If so, starting an IRA could be the answer to your monetary woes. Whether you have 10, 20, 30 or more years left until you plan on retiring and enjoying the golden years with loved ones, it is never too soon (or too late) to start contributing towards traditional IRAs. An individual retirement account (IRA) is somewhat of a safety net for people who are unable to access employer-sponsored plans. Accounts of this kind are funded with pre-tax dollars and before the age of 59.5, you can take your contributions back, minus the penalty!
Sure, there are limits as to how much you can contribute each year, but this savings strategy is beneficial in numerous ways. From the ways you can learn new savings techniques, to the peace of mind you are guaranteed once the money begins to pile up, starting an IRA is always a good idea.
Moving Your Money When Starting an IRA
Before you can begin reaping the rewards of retirement savings, you need to figure out which account suits you best when starting an IRA. Traditional IRAs are a safe option, because if you already have assets contained in a 401k plan, they can be rolled over. In order to successfully move your money, take it upon yourself to complete any required forms. It is also possible to deposit a check with the fidelity, however, this may take longer. Alternatively, request that your employer wire the funds.
Which investments should you choose for traditional IRAs?
Staying on track usually demands the help of a financial advisor, so don’t overlook these services when you are in the process of starting an IRA. Spend some time researching the most lucrative investments for traditional IRAs when building your portfolio. Precious metals, stocks, bonds, CDs, mutual funds, and ETFs can be contributed towards a Traditional savings plan. If you need help with investing, it might be a good idea to hire an expert who can manage your money.
The expert financial team at Goldco strive to help people like you protect your retirement. For help with starting an IRA, get in touch today.