Planning for the future is something we should all consider early in life. With the continued changes in the world’s economy, it’s impossible to know whether the financial staples our parents trusted will still be in place when the time comes for us to take advantage of them. Add in the fact these staples, such as Social Security, are steadily decreasing in value and you have the main reason securing your own future is key. This is why setting up a Florida retirement plan early in life is so beneficial.
Traditional IRAs
Traditional IRAs are the most common form of investment used for securing a Florida retirement plan. This method gives you the freedom of choosing what investments are moved into your retirement fund. Employer 401Ks and other contribution funds are often transferred to these types of plans, allowing you to have everything you need in one place. Another option is to add funds yourself, which will help in securing your future when the time comes. Using this form of retirement plan early in life will allow you the chance to add money easily as you approach the age cut-off of 70 years old.
Roth IRA
Do you currently have a retirement plan in place? If so, whether it’s through an employer or a plan of your own making, perhaps looking into a Roth IRA is an option for you. This IRA allows you to continue adding money, even after you hit the normal age limits, and grants you the freedom to borrow from your savings if an issue arises. With the additional freedom from income taxes that can be possible when certain requirements are met, this form of retirement plan is financially sound for most investors. When seeking a Florida retirement plan, a Roth IRA is often the most sensible choice.
If you’re considering investing in a Florida retirement plan, visit Mountain West IRA on their website or call 866-377-3311 for more information.
