Individual Retirement Account

The rules regarding IRA qualified plans are among the most complex in the tax code. Since IRA programs are designed to provide retirement benefits to a participant, at some future dates all participants will begin to withdraw savings from the IRA. IRA distribution is required at age 70.5; and as a general rule, there is a 10% IRA penalty for distribution take before 59.5.

 

In 1974, the Employee Retirement Income Security Act (ERISA) introduced the concept of tax-free rollovers. Would it be to your advantage at retirement to rollover your 401k and/or pension into an IRA?

Download our "7 Mistakes You Don't Want to Make with Your IRA & Retirement Money
Disclosure

"Investment advisory services offered only by duly registered individuals through Change Path, LLC.  Change Path and Taylor & Associates are unaffiliated companies.  Investing involves risk, including the potential loss of principal.  Any references to 'safety,' 'guarantee,' or 'protection' are references only to insurance products.  Insurance guarantees are backed by the claims-paying ability of the issuer."

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