Vantage Point

What's Your Retirement Plan?

Do you have a vision for your retirement? Traveling? Enjoying more time for hobbies like golf? Spending quality time with your friends and loved ones? Everyone’s vision may be different, but one thing that holds true is that planning is essential to helping you pursue your retirement goals. Did you start saving early enough? Are you saving enough? What are the options available to you?

Employer-sponsored retirement savings plans are a great place to start. It’s ideal to contribute up to the employer match, if your employer offers one. But you don’t have to rely on employer-sponsored plans to fund your retirement. Individual retirement accounts (IRAs) offer another way to save.

What do I need to know about IRAs?
IRAs allow you to keep your money in different kinds of financial vehicles, depending on your retirement goals, and offer certain tax advantages and benefits. What are the key features of Traditional and Roth IRAs?

Traditional IRA

  • Contributions may offer an immediate tax deduction.
  • Taxes on earnings and deductible contributions are due upon withdrawal.
  • If withdrawals are taken before age 59 1/2 or not taken by age 70 1/2, penalties will be assessed.

Roth IRA

  • No immediate tax deduction on contributions, but qualified withdrawals are tax-free.
  • Earnings may be tax deferred.
  • No required minimum distributions at any time.
  • If withdrawals are taken prior to age 59 1/2 or prior to the account being opened for 5 years, an IRS penalty tax may apply.

Can I contribute to both types of IRAs?
Yes! There are several strategies you could follow. Contribute to the Traditional IRA one year and the Roth IRA the next. Or, split your contributions each year. Keep in mind, the allowable annual maximum for 2017 is $5,500 total for those under age 50 and $6,500 total for those 50 and over.

Don’t forget, you have until April 17, 2018 to contribute to your 2017 IRA!

Need a little guidance to make sure your retirement savings strategy is on track to pursue your retirement goals? Schedule a complimentary financial analysis with an investment professional at Vantage Investment Services Group (ISG) * today!

Schedule a Complimentary Analysis


314.264.5350/direct call
800.522.6009/request to speak to a Vantage Investment Services Group representative

For additional information about IRAs and retirement planning, visit Retirement Central.

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* Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA / SIPC. Insurance products offered through LPL Financial or its licensed affiliates.
Vantage Credit Union and Vantage Investment Services Group are not registered broker/dealers nor affiliated with LPL Financial.

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