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Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation, a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Avenue, Carpinteria CA. 93013, (800) 874-6910. Randall Wealth Management Group and PlanMember Securities Corporation are independently owned and operated. Trevor R. Randall - CA Insurance License #0I08678

 

PlanMember is not responsible or liable for ancillary products or services offered by Randall Wealth Management Group. The views expressed may not necessarily reflect those held by PlanMember Securities Corporation (PSEC). Material presented is believed to be from a reliable sources and PSEC makes no representation as to it accuracy or completeness. 

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The Need for an IRA


In some ways, a 401(k) or defined-benefit plan from an employer can provide a false sense of security. You may feel, without analyzing the situation, that you’re saving enough for retirement. But the reality is that the plan may not be enough to provide the retirement you had in mind. Thus, you may also want to contribute to an individual retirement account (IRA) for some or all of the following reasons:

  • You’ll probably need the additional funds for retirement. Even with Social Security, pension, or 401(k) benefits, you’ll probably need other savings to fund your retirement. There are a variety of ways to save, but an IRA can be a good alternative for retirement.

  • You’ll lower your taxes. You can lower your current taxes by contributing to a traditional deductible IRA or in the future by contributing to a Roth IRA. With a traditional deductible IRA, you'll receive a tax deduction on your current-year income tax return. When you withdraw the funds in the future, you’ll owe ordinary income taxes on the contributions and earnings. With a Roth IRA, you don’t receive a current-year tax deduction, but qualified distributions are withdrawn without paying any federal income taxes.

  • You’re more likely to use the funds for retirement. If you save in a taxable account, it’s easy to use the funds for other purposes. However, the government discourages the use of IRA funds for other purposes by assessing a 10% federal income-tax penalty when funds are withdrawn before age 59½ (except in certain limited circumstances). That makes it more difficult to withdraw the funds and more likely they’ll stay in the IRA.

  • You have a wide variety of investing options. With a 401(k) plan, you typically have a limited number of investment options. However, with an IRA, there are a wide variety of investments to choose from.

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation, a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Avenue, Carpinteria CA. 93013, (800) 874­-6910. Randall Wealth Management Group and PlanMember Securities Corporation are independently owned and operated. PSEC is not responsible or liable for ancillary products or services offered by Randall Wealth Management Group or this representative. CA Insurance License: #0727953.

This newsletter was prepared by Integrated Concepts Group, Inc. The opinions expressed in this newsletter are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to it accuracy or completeness.

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