Take advantage of tax-advantaged retirement savings with Traditional, Roth, or SEP IRAs. We help you choose the right account type for your income, timeline, and tax situation.
An Individual Retirement Account (IRA) is a tax-advantaged savings account designed to help you build wealth for retirement. IRAs offer significant tax benefits — either upfront deductions or tax-free growth — that help your money compound faster than a standard taxable account.
At Trinity Family Financial, we help you navigate the different IRA types, understand the contribution rules, and develop a strategy that aligns with your retirement timeline and tax situation — so you can grow your money while keeping more of it.
Benefits of an IRA
Tax Advantages
Traditional IRAs may offer tax-deductible contributions; Roth IRAs offer tax-free withdrawals in retirement.
Compound Growth
Your investments grow tax-deferred (or tax-free in a Roth), allowing compounding to work more efficiently over time.
Flexible Contributions
Contribute at your own pace up to annual limits — any earned income qualifies. SEP IRAs allow much higher limits for self-employed individuals.
Beneficiary Planning
IRAs can be passed to beneficiaries, making them a powerful part of your estate and legacy planning strategy.
IRA Account Types
Traditional IRA
Contributions may be tax-deductible. Your money grows tax-deferred, and you pay taxes when you withdraw in retirement.
Roth IRA
Contributions are made with after-tax dollars, but qualified withdrawals in retirement are completely tax-free — including earnings.
SEP IRA
Designed for self-employed individuals and small business owners. Allows much higher contribution limits than Traditional or Roth IRAs.
IRA Rollover
Rolling over an old 401(k) or employer plan into an IRA gives you more control over investments and often lower fees.
Frequently Asked Questions
Traditional IRAs give you a tax deduction now and you pay taxes on withdrawals in retirement. Roth IRAs use after-tax money but your withdrawals in retirement are tax-free. The best choice depends on your current vs. expected future tax rate.
For 2024, the annual contribution limit is $7,000 (or $8,000 if you're 50+). SEP IRA limits are much higher — up to 25% of compensation or $69,000, whichever is less.
Yes, you can contribute to both in the same year, but your total contributions across all IRAs cannot exceed the annual limit.
Withdrawals before age 59½ are generally subject to a 10% early withdrawal penalty plus income taxes. There are exceptions for certain hardships, disability, and first-time home purchases.
Your Advisor
Stephany Smith
Founder & Licensed Advisor
Ready to find the right coverage? Book a free 30-minute call and Stephany will walk you through your options with no pressure.
