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Retirement Planning

Trusted - Single-fee Investment Management Services

1 h
1% - no commissions
Phone

Service Description

Traditional IRA, Roth IRA, SEP IRA, IRA Rollovers Traditional IRA An IRA is a tax-favored investment account. You can use the account to invest in stocks, bonds, mutual funds, ETFs, and other types of investments after you place money into it, and you make the investment decisions yourself unless you want to hire someone else to do so for you. You might consider investing in an IRA if your employer doesn't offer a retirement plan or if you've maxed out your 401(k) contributions for the year. You contribute up to $6,000 in 2019. This increases to $7,000 if you're age 50 or older. This limit is up from $5,500 in 2018. You'll pay no taxes annually on investment gains, which helps them to grow more quickly. Many taxpayers can deduct their IRA contributions on their income tax returns if they don't also have a 401(k) retirement account at work, reducing their taxable incomes for that year. Some restrictions exist based on income. You pay income taxes on the income you contributed and on gains when the money is withdrawn in retirement. You can buy and sell investments within the IRA, but if you try to take money out before you reach age at 59½, this is known as an early distribution and you'll probably have to pay a 10 percent penalty fee, just as you would with a 401(k). Roth Unlike a traditional IRA, Roth IRA contributions are made with after-tax dollars. But any money generated within the Roth is never taxed again. You can take withdraw contributions you've made to a Roth IRA before retirement age without penalty, provided five years have passed since your first contribution. You're not required to begin taking withdrawals at age 70 1/2 as you are with traditional IRAs, 401(k)s, and other retirements savings plans. Putting money in a Roth is a great place to invest extra cash if you're just starting out and you think your income will grow, and you'll give your future self an amazing tax break. You can even contribute to both an IRA and a Roth IRA, but your total contributions to both plans can't exceed the $6,000 contribution limit for the year. A SEP IRA allows you to contribute a portion of your income to your own retirement account if you're self-employed and have no employees. You can fully deduct these contributions from your taxable income. The maximum annual contribution limits are higher than most other tax-favored retirement accounts: $56,000 or 25 percent of income, whichever is less, as of 2019.


Contact Details

4127422011

huma@hyafinancial.com

#8282 805 Glenburnie Road, Richmond, VA, USA


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Vcard  *   Email:  huma@hyafinancial.com   *    Phone:  804-456-4949

 

805 Glenburnie Road, No. 8282, Richmond, VA 23226

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HYA Financial Corporation is a Registered Investment Adviser. This website is only intended for clients and interested investors residing in states in which the Adviser is qualified to provide investment advisory services. Please contact HYA Financial at 412-742-2011 to find out if the we qualify to provide investment advisory services in the state where you reside. HYA Financial does not attempt to furnish personalized investment advice or services through this website. Past performance is no guarantee of future results. ADV-Part 2A-Brochure.

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Unless otherwise specified, all return figures shown above are for illustrative purposes only, and are not actual customer or model returns. Actual returns will vary greatly and depend on personal and market circumstances. Investments: Not FDIC Insured • No Bank Guarantee • May Lose Value. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Before investing, consider your investment objectives and HYA Financial charges and expenses. HYA Financial services are designed to assist clients in achieving discrete financial goals. They are not intended to provide comprehensive tax advice or financial planning with respect to every aspect of a client's financial situation and do not incorporate specific investments that clients hold elsewhere. For more details, see our Form ADV Part 2 and other disclosures. Past performance does not guarantee future results, and the likelihood of investment outcomes are hypothetical in nature. Not an offer, solicitation of an offer, or advice to buy or sell securities in jurisdictions where HYA Financial is not registered.

 

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