Individual Retirement

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At Legacy Funding, our financial advisors are experts in navigating the intricacies of individual retirement planning. Whether you’re just starting your retirement savings journey or looking to optimize your existing retirement accounts, we’re here to help you make informed decisions that align with your financial goals and aspirations.

Traditional IRA: A traditional IRA offers individuals the opportunity to contribute pre-tax income, reducing their taxable income for the year of contribution. This tax advantage allows investments to grow tax-deferred until withdrawal during retirement, potentially resulting in substantial savings over time. Additionally, individuals may be eligible for tax deductions based on their contributions, further enhancing the benefits of this retirement account.

Roth IRA: Unlike a traditional IRA, contributions to a Roth IRA are made with after-tax income. While contributions are not tax-deductible, withdrawals in retirement are tax-free, including both contributions and earnings. This tax-free growth potential can be particularly advantageous for individuals who anticipate being in a higher tax bracket during retirement or who seek to diversify their tax liabilities in retirement.

403(b) Plan: Designed primarily for employees of non-profit organizations and public schools, a 403(b) plan offers similar benefits to a traditional IRA, including tax-deferred growth and optional employer contributions. These plans often feature a variety of investment options, providing participants with flexibility in building their retirement portfolios.

457(b) Plan: Available to certain government and non-governmental employees, a 457(b) plan offers tax-deferred growth and flexible contribution limits. One unique feature of 457(b) plans is the ability for participants to make additional catch-up contributions as they near retirement age, allowing for accelerated savings in the years leading up to retirement.