Retirement

Many people spend 30-40 years saving & investing for their retirement. Once they hit a specific age or financial goal, their strategy changes from accumulation to systematic spending. We at Kingdom Guard focus on helping you conceptualize this change.

There is a big difference between having a retirement account and a strategy to achieve a comfortable retirement. We want people to retire on time and with enough financial freedom to enjoy those relaxing years. 

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• Roth IRA - This is an individual retirement account. You contribute after tax dollars now for tax free money during retirement. Limited to $6K per year until age 50 then the limit is $7K annually. If you have earned income over different thresholds you can not contribute to this type of account.

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• Traditional IRA - This is an individual retirement account. You contribute pre-tax dollars now then during retirement you will pay ordinary income taxes on the full value as the account is withdrawn from. This has contribution limits up to $6K per year then at age 50 you can contribute up to $7k per annually. There is no earned income limit to be able to contribute to this type of account.

 

• Retirement Income Strategies  - A combination of above listed retirement tools put in place in a strategic order to help maximize income during retirement and determine what annual contributions into these accounts need to be. Typical factors considered consist of tax liabilities in the future and currently. This would be a focused design based on individual factors such as current income, goals for retirement (when and how much to withdraw later), and the individual’s level of risk tolerances to determine asset allocation.

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Withdrawals from a Traditional IRA prior to age 59 ½ will be subject to ordinary income tax and may also incur a 10% penalty tax unless an exception applies. 

You may take nontaxable withdrawals from a Roth IRA if you are at least 59 ½ and the account has been held at least 5 years.  Otherwise, earnings withdrawn may be subject to ordinary income tax and a 10% penalty.