It’s never too early, or too late, to save for your future
Individual retirement accounts (IRAs) are personal retirement savings accounts that offer tax benefits and a range of investment options. When you open an IRA, you can choose to invest in a wide range of financial products, including stocks, bonds, exchange-traded funds (ETFs), and mutual funds.
Even those with access to employer-sponsored plans, such as a 401(k) or 403(b), still tap into IRA tax advantages to boost their savings and add flexibility to their portfolio.
Anyone with earned income can open and contribute to an IRA, including those who have a 401(k) account through an employer. The only limitation is on the total that you can contribute to your retirement accounts in a single year.
The availability and popularity of retirement plans such as IRAs and business plans such as 401(k), SEP, 403b, Thrift Savings Plans and Simple IRAs, have caused people to hold a majority of wealth in retirement accounts.
If you are like many, your retirement accounts may be your largest asset outside of your home, yet you may not understand proper asset allocation or how retirement assets are passed upon death.
Safe Harbor will design a strategy to help you successfully transfer your retirement assets, protecting and preserving them throughout your retirement by avoiding costly mistakes, and also ensuring they are then properly passed on in accordance to your wishes.
Schedule a Meeting to Learn More About IRA Accounts
If you are looking to create income for your retirement years, contact Safe Harbor to learn more. We offer a complimentary consultation to review your existing retirement plans and can provide guidance on the right IRA Account solution that will provide the money you need to live comfortably in your golden years. Contact us here or call at 614-760-0670 to schedule your initial consultation.
IRA FAQs
How do I open an IRA with Safe Harbor Wealth Advisors?
To open an IRA, you’ll:
- Choose the account type – Traditional, Roth, or another option that fits your retirement goals.
- Complete the paperwork – We’ll walk you through the forms step by step.
- Fund your account – Decide how much you want to contribute and how often.
Our team will make sure the process is simple, personalized, and aligned with your financial needs.
Can I roll over my 401(k) into an IRA?
Yes, Safe Harbor Wealth Advisors specializes in facilitating IRA rollovers from employer-sponsored retirement plans, such as 401(k)s, 403(b)s, Deferred Compensation Plan, Thrift Savings accounts into IRAs.
This process can:
- Consolidate your retirement savings into one account
- Give you greater control and flexibility over your investments
- Provide access to more retirement planning options
Our team will guide you through each step to make the rollover smooth and stress-free.
What are the tax implications of withdrawing from an IRA?
Tax implications depend on the type of IRA:
- Traditional IRA: Contributions may be tax-deductible, but withdrawals are taxed as ordinary income. Required Minimum Distributions (RMDs) must begin at age 73 (or age 75 if you were born in 1960 or later), based on current law.
- Roth IRA: Contributions are made with after-tax dollars. Qualified withdrawals in retirement are tax-free, and there are no RMDs during the account owner’s lifetime.
Choosing between a Traditional or Roth IRA depends on your income, tax situation, and long-term retirement goals.
Can I convert my Traditional IRA to a Roth IRA?
Yes, a conversion is possible but may trigger a taxable event. Our advisors can help you determine if an IRA conversion fits your financial plan.
Can Safe Harbor Wealth Advisors manage my IRA investments for me?
Yes, we offer managed accounts where our advisors actively oversee your portfolio aligned with your risk tolerance and retirement goals.
What is the difference between a Traditional IRA and a Roth IRA?
A Traditional IRA allows you to make tax-deductible contributions and enjoy tax-deferred growth on your investments; however, when you withdraw funds during retirement, those distributions are taxed as ordinary income. In contrast, a Roth IRA is funded with after-tax dollars, meaning you don’t get a tax deduction when you contribute, but qualified withdrawals in retirement are completely tax-free.
What documents do I need to open an IRA?
To open an IRA, you’ll typically need:
- A valid government-issued photo ID (driver’s license, passport, etc.)
- Your Social Security number
- Banking information (account and routing number) to fund your IRA
- (If applicable) Beneficiary information to designate who will inherit the account