Individual Retirement Accounts

IRA

IRA for you, IRA for your business, and IRA for your employees!

IRA for YOU

There are three classifications of Individual Retirement Accounts (IRA) for individuals.

• Traditional IRA

• Roth IRA, and

• Rollover IRA.

• Tax Deferred
• Tax Deadlines

Important things you need to know about IRA Rollover

• First, your 401k may contain both PRE-TAX and AFTER-TAX money. The Pre-tax money should go into a Traditional IRA and the after-tax money in the Roth. However, you can open just one IRA account and keep the money mixed. But, remember to keep track of which money you already paid taxes on and always bring it up when your accountant is doing your books.

• Second, when you leave your job, you should ensure that the company does not cut you the retirement check by calling them and express your intention to either leave the retirement with the employer for the time being or provide the name of the financial institution where you set up an IRA account to rollover into.

• 401k is less flexible than IRA. The investment choices within a 401k are far less than those in IRA s. If you already leave your job, you should think about setting up an IRA.