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Waltham Retirement Planning

For those adults who are in their early years of the business world, (early thirties and mid to late twenties), your age can afford you some perks when it comes to Waltham retirement planning. The best sort of Massachusetts retirement planning account for a person your age is a Roth IRA. The reason for this is that there are certain perks written into the Roth IRA that actually help a person in the Waltham area who is younger. Not to say that they hinder older investors, but the younger you are the more you can possibly benefit from a Roth IRA Waltham retirement planning account.

Withdrawals Without Taxes

On a whole, the very nature of Waltham retirement planning accounts means that you are not permitted to take money from them without paying for it. This can come in the form of taxes and or penalties for early withdrawal. But Roth IRA MA retirement planning accounts are structured a little differently. Because taxes are taken out of the Waltham regular earnings you contribute to the Roth IRA before you contribute, there are no taxes assessed when you make a withdrawal on your contribution amount.

This is different from other Waltham retirement planning account types. With accounts such as 401k's and traditional IRA's your contribution is not taxed before you make it. The taxes are therefore assessed when you begin drawing on the Waltham account. There are of course always different reasons that someone would want a certain type of Massachusetts retirement planning account. For you, the Roth IRA is a more beneficial choice because of your age.

The thinking behind this theory of age benefit is simple. You are young, and therefore your Waltham wages are likely a much smaller amount than they will be later on in your life. Additionally, the taxes you pay on your Waltham retirement planning contributions are based on your income. For the Roth IRA, the assessment is made up front, and is therefore based on your current Waltham salary. With other MA retirement planning accounts, the taxes are tacked on to the withdrawals you make when you retire. They are therefore (one could presume) going to be made on a larger amount of money that the taxes you currently pay. In short, you can pay a little in taxes now or a lot in taxes later.

Pay Lower Fees

In addition to paying what we assume will be lower taxes (based on the theory stated above of current income vs. future income), you will also benefit from lower fees if you withdraw funds from the account early. Of course, it is never recommended that you take money out of your Waltham retirement planning account before it matures. The purpose of this account is to provide for yourself in the future. Any time you remove funds from the account you not only lose that amount, but also any potential earnings you may have made from that amount. That being said, sometimes things happen. If you should find yourself sometime in the future needing the funds that you have contributed to your Roth IRA Massachusetts retirement planning account, you can withdraw them for emergency purposes, with little or no penalty being charged.

For example, should you find yourself unemployed in the future and in need of some funds right away to help you stay afloat, you can access those in your Roth IRA Waltham retirement planning account. You can also use this Waltham account for other needs before you retire, when the need for an emergency fund arise. This can be anything from costly car repairs to unforeseen medical expenses. Whatever the reason, you can access the funds in your MA retirement planning account and depending on a few things, you may not incur any penalties for this.

There is one catch however, so you will need to be aware of that. The rules that govern a Roth IRA Waltham retirement planning account only allow for you to withdraw from the principle without penalty. What this means is that you can only take the money out of the account that you put in, and if you take more, you will pay taxes and fees on this. So, in short you can get back what you put in without fear of fines. This is of course because you have already paid taxes on whatever you put in, so there is no need to be assessed more. However, should you try to withdraw any of the interest or profits you have earned on the investments you have made with the funds you have put into your Roth IRA Waltham retirement planning account, you will have to pay the taxes and a higher transaction fee for said withdrawal.

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Retirement Planners In Waltham

Christopher Grande, MSIM, RMA
Christopher Grande, MSIM, RMA
90 Concord Ave
3rd Floor
Belmont, MA 02478

Julian Morris, CFP, ChFC, AAMS , CRPC , CFS
Julian Morris, CFP, ChFC, AAMS , CRPC , CFS
346 Commercial Street
Boston, MA 02109

Fredric Weldon, CFA
Fredric Weldon, CFA
550 Cochituate Road
East Wing, Floor 4, Suite 25
Framingham, MA 01701

Christian Grundel
Christian Grundel
1000 Bald Hill Rd
Suite 5
Warwick, RI 02886

Christian Grundel
Christian Grundel
1000 Bald Hill Road
Suite 5
Warwick, RI 02886

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