IRA's, ROTH IRA's, and Non-retirement Accounts
IRA’s, ROTH’s, and Non-retirement Accounts
Investments & Wealth Strategies for Your Future
Retirement Accounts: IRAs & Roth IRAs
Planning for retirement doesn’t have to be complicated. At Boyer Financial Group, we guide you through the two most common retirement accounts:
- Traditional IRA (Individual Retirement Account): Contributions may be tax-deductible now, but you’ll pay taxes when you withdraw the money in retirement.
- Roth IRA: Contributions are made with after-tax dollars, but withdrawals in retirement are tax-free.
Strategy Spotlight: Roth Conversions
Many clients ask: “Should I convert my Traditional IRA to a Roth IRA?” This move—called a Roth conversion—can make sense if you want to pay taxes now (while rates may be lower) and enjoy tax-free withdrawals later. We help you run the numbers to see if this strategy fits your retirement goals.
Non-Retirement Accounts & Wealth Strategies
Not all investing is tied to retirement. We also help you manage non-retirement accounts—sometimes called taxable brokerage accounts—which can be used for building wealth, saving for big goals, or simply diversifying outside retirement limits.
Strategy Spotlight: Tax-Loss Harvesting
Tax-loss harvesting is a smart way to lower your tax bill by selling investments at a loss and using those losses to offset gains elsewhere in your portfolio. This can reduce your taxable income and keep more of your money working for you.
Why It Matters
Whether you’re focused on retirement or building wealth today, the right mix of accounts and strategies can:
- Lower your taxes now and in the future
- Maximize your long-term growth potential
- Give you flexibility with how and when you access your money
Quick Answers
- What’s the difference between a Traditional IRA and a Roth IRA?
A Traditional IRA gives you tax breaks today but taxes withdrawals later. A Roth IRA is the opposite—you pay taxes now but withdrawals are tax-free. - What is a Roth conversion?
A Roth conversion means moving money from a Traditional IRA into a Roth IRA and paying taxes now so future withdrawals are tax-free. - What is tax-loss harvesting?
Tax-loss harvesting is when you sell investments at a loss to offset taxable gains elsewhere in your portfolio, lowering your tax bill.
Not sure which strategy is right for you?
We’ll help you decide when a Roth conversion makes sense, how to use tax-loss harvesting effectively, and what mix of accounts will give you the best long-term results.
Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.
A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.
Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.
Investing includes risks, including fluctuating prices and loss of principal. No strategy assures success or protects against loss.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.