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Retirement Solutions from Financial Architects
Learn more about IRAs, Coverdell savings accounts, match plans and trust services
No matter how far off retirement may seem, it’s never too late to start saving. Making smart retirement decisions now can help impact how you live out your retirement days. At Financial Architects, we can help you make those smart decisions and offer customized solutions to meet your retirement goals.
We can help you develop a plan to accumulate assets for retirement, additionally fund a qualified plan, and help ensure you have a steady stream of retirement income with our customized solutions, including:
With a traditional IRA—the most common type of IRA—your account grows until you turn 59 ½ years old. At this point, you can make taxable withdrawals from the account called distributions for your retirement. If you choose to take distributions before you turn 59 ½ years old, the government imposes a premature distribution penalty of 10% on your withdrawal. Additionally, when you turn 70 ½ years old, you are required to take distributions by April 1 of the calendar year.
A Roth IRA is a type of Individual Retirement Account in which contributions are nondeductible. However, account funds grow tax-free, and withdrawals are tax-free, provided certain conditions are met.
Coverdell Savings Accounts
The Coverdell Savings Account or Education IRA is used to save for education expenses. This tax-free savings account allows you to contribute up to $2000 in any year no matter how many accounts have been established.
Savings Incentive Match Plans
In this written salary reduction arrangement, eligible employees contribute to an IRA in their name. Your employer is required to make annual contributions for each eligible participant. This type of arrangement is available to self-employed individuals or owners of companies that have 100 or fewer employees and no qualified retirement plan. Employees are eligible for a SIMPLE-IRA if they earn at least $5,000 annually. SIMPLE-IRAs may be funded by annuities.
A trust is commonly used to transfer wealth to heirs or to favored charitable organizations. Insurance products, such as life insurance policies, annuity contracts and disability income insurance policies, may be used to fund trusts in appropriate circumstances. Trusts are very flexible and may be drafted to meet the specific intent of the individuals creating the trust and customized to meet the specific needs of trust beneficiaries. You can use trusts as a key element in a comprehensive estate and wealth transfer plan, or to otherwise direct how your legacy will be managed and distributed after your death.
Advanced estate planning and trust services require specific knowledge typically not provided by many financial advisors. Using trust services means collaborating with a third party that has your best interests in mind while the trust is set up through an attorney.