Personal Retirement Plans

Saving for retirement is one of the most important financial decisions you can make. We specialize in retirement planning for individuals and businesses, and offer guidance and investment solutions to help make your goals a reality.

If you’re not taking advantage of an Individual Retirement Account (IRA), you may be missing out on an exceptional opportunity to save for a secure retirement.  Depending on your income and personal situation, you may qualify for one of the following accounts:

Roth IRA

  • Contributions are not tax deductible, but your money can accumulate tax free.
  • Tax-free and penalty-free withdrawals of annual contributions may be made at any time.
  • Tax-free and penalty-free withdrawals of earnings may be made after five years:
    • Upon reaching age 59½
    • For purchasing a first home (up to $10,000)
    • In case of death or disability
  • No requirement to begin taking distributions at age 72, and you can continue making contributions if you’re still working.

Traditional IRA

  • Contributions may be tax deductible depending on your earned income.
  • Your savings benefit from tax-deferred growth (withdrawals are subject to tax).
  • Penalty-free withdrawals are available for post secondary education, first home purchase (up to $10,000) and certain medical expenses.

If you’re not sure where you stand toward reaching your retirement goals, establishing a Davenport IRA rollover account can help you get a consolidated view. Benefits include:

  • Simplified recordkeeping.
  • Ease of setting asset allocation and periodic rebalancing.
  • An experienced financial advisor to consult on the progress toward your goals.
  • Access to professional investment management and monitoring.

There may be fees associated with establishing and maintaining an IRA. Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets. Information has been complied form sources believed to be reliable: however, Davenport does not guarantee the accuracy or completeness of the information presented. Davenport & Company is a financial services firm and does not provide tax or legal advice. Please consult your professional account or legal advisors prior to acting on any information provided by us that may have an effect in these areas.