While we’re young, it’s easy to view our financial situation in one basic way – cash only. But as we mature, we start to understand the importance of bank accounts, investments, and retirement funds. There are plenty of different options out there but for many, one of the most important types of retirement accounts is certainly the IRA.
It’s important to understand that while specific IRA’s – short for Individual Retirement Account – will differ in various ways, the basics are usually very similar. The idea is simple – you place funds into a retirement fund while enjoying tax benefits. Then, your money is invested in various stocks, mutual, and other investment options where it matures. Once you reach the appropriate age you can withdraw the money and spend it as you like. Here are a few basic points you need to understand before searching out the best financial advisor.
There are a few other basic points to understand about the IRA:
An IRA is a great option for anyone planning ahead for their future. Talking with a qualified financial advisor who knows your situation can help you learn more about whether or not these accounts are right for you. Please contact us @ 540-266-3100 to get specific questions about your IRA’s.