The IRA means many different things to each of us.
The initials IRA stand for Individual retirement Arrangement. Yes, arrangement! There are many different answers to the question: Who is this arrangement with?
In short: The arrangement is with the IRS. The reason we began an individual retirement arrangement was to save for retirement. The tax deferral was another reason for the why and as we near the date for withdrawals, at retirement date, the taxes become an issue. Yes uncle Sam, our partner in the arrangement, has the say as to how much tax we will pay. This calls for one or many strategies in order to keep your money.
As we begin to plan at Hines Financial Group, the most simple steps to get your IRA up to date go first: We check if the beneficiaries designations is still correct. Millions of dollars are lost every year by simply not doing this simple chore. We also correct past relations with employers and the 401k, 403B, 457 deferred compensation and possibly a pension.
Financial institutions or agents may have left you vulnerable to that past. The many ways we can loose from the IRA become evident as we review our past and our present wishes.
The services we continue to implement at The Hines Financial Group will be at the cutting edge of tax laws and careful planning to strategize to minimize the negative effects of the tax laws on your dollars while maintaining a healthy relationship with your beneficiaries.
Is your IRA up to date? Let’s find out.
Please fill out this form and we will contact you to find out together if we can get more out of your existing IRA.