Individual Retirement Account Shares (IRA)
An IRA, or Individual Retirement Account, is a personal savings plan that allows you to save money for your retirement years, while offering you tax advantages. Thanks to recent changes, your funds are now guaranteed for up to $250,000 when deposited into qualifying IRAs! Depending on your income, you may also be able to take a tax deduction for some or all of your yearly contributions. United Teletech Financial offers several investment options for your IRA, including Traditional IRAs and the tax-deferred Roth IRA.
Save Money on Your Taxes
If you are eligible, you may be able to deduct your contributions to a Traditional IRA on your current tax form and still reap tax-deferred earnings until withdrawal.
Roth IRAs generate tax-free earnings when withdrawn, as long as the account has been maintained for 5 years or you meet certain other withdrawal conditions.
IRAs can help to diversify your retirement portfolio. This is important since a lot of employer-sponsored plans may be heavily weighted in your company’s stock or typically have limited options.
Americans who retire are living longer, healthier lives. This certainly has resulted in the need to stretch or add to you retirement funds.
Traditional IRA is a long term savings plan that enables you to build a retirement fund on which you pay no federal income taxes on the earnings until you start to make withdrawals. Every IRA contributor receives this benefit.
In addition, many wage-earners are eligible for a full federal tax deduction. Some wage-earners are eligible for a partial deduction; others, no deductions.
Coverdell Education Savings Account
You are allowed to put $2,000* per child, per year into a Coverdell ESA*. That’s $1,500 more per year than previous limits. Plus, qualified expenses apply to primary and secondary education as well as college. And with the newest tax law change, you’re even more likely to qualify for a Coverdell ESA.*
*( Education Savings Account)
*(Formerly Education IRAs)
The Roth IRA allows you to invest after tax dollars today, let the investment grow tax-deferred and take qualifying withdrawals tax-free. If you do not withdraw any of the earnings for at least five years, and satisfy one of the qualifying events, those tax-deferred earnings become tax-free.