Many people wonder if they should open an Individual Retirement Account (IRA).  For many people the answer may be “yes!” This is often the first step in planning for our retirement.

In many cases, IRA contributions may reduce your taxable income. Those assets in turn may be allocated to a wide variety of investment vehicles where growth is typically tax-deferred until your retirement or age 59 ½, whichever comes later.*


But there are several different varieties of IRA (e.g., Traditional, Roth, Coverdell, SIMPLE, and SEP, to name a few), and the circumstances under which you may want to open one of these accounts may vary.


That’s why we should talk about your unique situation today.


Who should consider opening an IRA?


1) Anyone who wants to save for retirement


2) People switching jobs or retiring, who saved money in an employer-sponsored retirement plan, such as a 401(k) or 403(b) (Do you know what options you have to maintain your assets in a tax advantaged account, and which choice is most appropriate for you?).


3) Self-employed individuals, their partners and employees (Your eligibility requirements and contribution limits may vary drastically from a Traditional or Roth IRA.).


4) Anyone interested in reducing their taxes*


5) Adults who would like to save for a child’s education


6) Spouses or parents interested in leaving assets to their loved ones in the event of their death.


My goal is to help you make well-informed decisions about your financial well being, then guide you towards the most tax-efficient and cost-effective methods of achieving your goals.*



If you’ve already opened an IRA, you’re on the verge of retiring or already retired, I encourage you to call me. IRA distribution strategies can sometimes be complicated, and I’d like to help you avoid common costly mistakes.


It is also important to designate the right beneficiaries for your IRA. This is a crucial financial strategy that is often overlooked. Naming your beneficiary incorrectly can become an expensive mistake in the event you wish to leave this account to someone else. This is another area where I may be of value to you.


Please call me at (973) 227-8800, x 7563 to schedule an appointment today to discuss your retirement objectives.



*Neither MML Investors Services nor any of its employees or agents are authorized to give legal or tax advice.  Consult your own personal attorney, legal or tax counsel for advice on specific legal and tax matters.