All IRA’s are not created equal, and that’s why it’s important to work with a member of the Catholic Society to explore options and find one that’s right for you. Depending on your age, financial circumstances and employer retirement benefits, different types of investments may better prepare you for financial comfort in your retirement years.
When funding an IRA, you may choose several types of accounts, including certificates of deposit, stocks, bonds, mutual funds, money market accounts or cash. Traditional IRA accounts are typically available regardless of income. You may be able to start withdrawing funds as early as age 59½ without penalty, and minimum distributions may be required after you reach 70½.
Roth IRA accounts can be funded with after-tax dollars, meaning that taxes are already paid on the income. If you’ve owned the Roth IRA for least 5 years, you may be able to withdraw funds without paying taxes on earnings. A Roth IRA can be a great investment tool if you will be in a higher tax bracket in retirement compared to when you are funding the account.
Catholic Society representatives want to help their members find the right investment tools for funding retirement, regardless of their current financial position. It’s never too early to start building your nest egg and planning for your financial future.