For many of us, looking at our retirement plans has been an unpleasant task recently. But a close review is an important task to undertake, as the market recovers. Doug Bowers of Morgan Stanley Smith Barney gave an illuminating talk about changes that affect one of the traditional retirement savings instruments, the IRA.
Both traditional and Roth IRAs are good opportunities for professionals who need to save for their own retirement. In fact, changes to the rules make the Roth IRA an attractive option for more people than in previous years.
Saving for retirement with an IRA provides flexibility to the account holder, and definite tax advantages. Rolling over a traditional IRA into a Roth IRA can provide more leeway when it comes to managinf the eventual distribution of those savings — including the ability to pass those savings on as part of your estate.
One of the advantages of working with a dedicated Financial Advisor like Doug is that he can create a retirement savings plan tailored to your goals, your tax obligations, and other facts unique to your situation.
