Individual Retirement Accounts

 

When preparing for retirement, you face the question, “How can I sustain myself and my family for years to come?” At Southeast Trust, we offer retirement accounts that will help grow your money while reducing risk. Our expert bankers will help you transition from 401(k), 403(b) and other qualified plans into an IRA, whether it is traditional, rollover, inherited, Roth or SEP. A minimum distribution may be required at age 70½, so please consult your tax advisor.

INVESTING IN YOUR FUTURE—You can maximize money for investment by rolling funds into an IRA. You will benefit from continued tax deferral while maintaining growth of your IRA investments. When your money is in an IRA, you only pay income taxes when withdrawals are made, and the longer you can defer taxes, the more money you save.

ROLLOVER TO DEFER TAXES—The simplest way to defer taxes is to use a direct rollover. To get started, contact the administrator of your retirement plan and tell them you want your funds transferred into your IRA. You also will get the benefit of no tax withholdings, as they don’t apply to direct rollover transfers.

ROTH ROLLOVER ACCOUNTS—If you have a retirement plan that allows Roth (after-tax) contributions and you receive a distribution of Roth contributions, you can establish a Roth IRA for those funds to rollover to. If this is the case, contact us to learn about your options.

ALL YOUR RETIREMENT ASSETS IN ONE PLACE—Seeing all your assets in one place can help you plan for the future, so you consider consolidating into a single rollover IRA if you have multiple retirement accounts. Consolidating also makes reviewing your portfolio and statements much easier. You can commingle rollover monies with contributory traditional IRAs so long as you do not plan to roll any money back to a future employer’s retirement plan. Trustee-to-Trustee transfers between IRAs are permitted with no tax consequence.

ROTH CONVERSIONS—If you anticipate having a higher income after retirement, and would like your assets to grow income tax-free for your family’s future benefit, you may be able to elect a Roth IRA conversion. Conversions are subject to immediate taxation in the year of the transaction, however, the conversion assets are then exempt from required minimum distributions, and future distributions are exempt from income tax (subject to certain restrictions).

CHARITABLE BENEFICIARIES—Charities are exempt from income taxation on retirement account distributions. If you have charitable gifting as part of your estate plan, consider making a charitable bequest from your IRA, either directly or by using a Charitable Remainder Trust (CRT). Using a CRT could provide a stream of income to your family for years while avoiding an immediate income tax impact upon death.

PLAN FOR YOUR FUTURE STARTING TODAY—Retirement gives you the opportunity to do the things you have always wanted. We are here to help you find the best way to build and manage your retirement assets. Contact us to get started today.

Need Assistance?

  • Please do not include confidential and/or personal information in this correspondence.