A comprehensive retirement plan includes many components – your investment portfolio, your 401(k) or other plan at work, your IRA, and Social Security. Your BB&T Scott & Stringfellow Financial Advisor can help you establish a complete plan toward your retirement goals.
An Individual Retirement Account (IRA) is an individual retirement arrangement you set up and contribute to yourself and can be a key component of your financial plan. These savings vehicles offer tax deductible contributions, depending on your income level and earnings that are not taxed until they are distributed, usually after you retire.
You may also want to consider a Roth IRA, which does not allow you to deduct your contribution from current taxes, but your future withdrawals, subject to certain conditions, may be tax-exempt.
If you are facing a shift in job status due to retirement or changing employers, and will receive a lump-sum distribution, you may be considering an IRA rollover. An IRA rollover is the process of moving your retirement savings from your retirement plan at work into an IRA. Rolling over to an IRA allows you to keep your savings tax-deferred and may give you a broader choice of investments.
BB&T Scott & Stringfellow offers a variety of IRA and rollover options – your Financial Advisor can help you evaluate your choices. As with other investments, always consider your investment goals, risk tolerance and time horizons when building a retirement strategy.
Qualified retirement plans – such as 401(k)s – are one of the most beneficial ways to save for your future. Many employers will make contributions on your behalf. These plans could also allow you to make either pre-tax contributions and/or after-tax or ROTH 401(k)/403(b) contributions. The advantages to you are:
Please contact your local BB&T Scott & Stringfellow office today for more information about your personal retirement needs and the services we can provide.