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An Individual Retirement Account offers tax-advantaged savings towards retirement. The tax-advantages, contribution limits, and withdrawal limitations vary by product. Your WFS Financial Representative can assist you in determining whether a Traditional, Roth, or Simplified Employee Pension (SEP) IRA is the right account for you.
A Traditional IRA may be a good choice if you expect your tax rate to be lower in retirement than it is today. Generally a Traditional IRA, may allow you to make tax deductible, post-taxed contributions while deferring taxes until withdrawals in retirement.
With a Roth IRA you make contributions with money you have already paid taxes on; however your future qualified withdrawals are tax-free, even on your capital growth. If you expect your marginal tax rate to be higher in retirement than compared to today, then a Roth IRA may be the right choice for you.
A Simplified Employee Pension, or SEP IRA, is a tax-deferred investment option which allows small business owners, sole proprietors and those earning self-employment income to make tax deductible contributions towards their retirement savings. Employer contributions are made on a pre-taxed basis and taxes are deferred until withdrawals.
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Anyone with taxable compensation in the contribution year.
Individuals with taxable compensation. For 2024: The contribution limit is phased out for those with a Modified Adjusted Gross Income (MAGI) between $146,000 — $161,000 if single; $230,000 — $240,000 if married filing jointly.
SEP IRAMust be sole proprietor, a business owner, in a partnership, or earn self-employment income by providing a service
Tax deferred growth.
Contributions are made pre-tax and any earnings grow federal-income tax deferred until withdrawal.
Tax free growth.
Contributions are made with post-tax dollars, but investment grows tax-free and qualified withdrawals are tax free.
Tax deferred growth.
Employer contributions are made pre-tax and any earnings grow federal-income tax deferred until withdrawal.
Contributions may be tax deductible.*
No, your contribution is not tax deductible.
Yes.
No.
Minimum distributions must be taken by individual's age 73 or older.
No.
No.
Minimum distributions must be taken by individual's age 73 or older.
Yes. Transfers can be made from Traditional IRA or qualified employer sponsored plans.
Yes, you may roll over another IRA or employer sponsored retirement account to a Roth IRA. Since 2010, all IRA owners can convert to Roth.
Yes.
We offer a wide range of annuities, mutual funds, stocks, bonds, ETFs, and insured CDS.
We offer a wide range of annuities, mutual funds, stocks, bonds, ETFs, and insured CDS.
We offer a wide range of annuities, mutual funds, stocks, bonds, ETFs, and insured CDS.
