Individual Retirement Accounts (IRAs).
A way to start working on a comfortable retirement today.
Saving for retirement can seem like a goal that can wait a few years when you're busy taking care of life's day-to-day expenses. But getting started early may help you reach your retirement goals sooner. An Individual Retirement Account (IRA) could be an attractive savings choice to help you reach those goals as it offers some tax deferral and can to help your retirement savings grow faster than similar taxable investments.
Allstate can help make it easier to take the next step. We can help you set up an automatic deposit that goes straight from your paycheck into an IRA. You'll get used to not seeing or spending that money. And you can start focusing on your financial future while still providing for your family today.
Get to know how an IRA works.
- Think of an IRA as a basket that holds savings, also known as investments.
- You can put investments like mutual funds, stocks, bonds, annuities, certificates of deposit (CDs) or other financial products into your IRA basket.
Allstate can help you choose an IRA which is right for you.
A way to save for retirement that gives you tax benefits. Contributions are taken pre-tax from your paycheck. While you will pay taxes on withdrawals, you'll likely be in a lower tax bracket when you retire and owe less in taxes on your withdrawals.
Another way to save for retirement. You can wait until retirement to take out your money or withdraw some of your funds without penalty for certain situations like buying your first home or paying for certain medical expenses. You won't be taxed on those withdrawals because both are considered eligible expenses.
A helpful option for your retirement savings when you leave a job. You can move your savings from your employer's retirement plan into a direct rollover IRA tax-free. Each time you change jobs or when you retire, you can move that money into this same rollover IRA without paying penalties to keep your retirement savings in one place.
For self employed, small business owners and stay at home spouses, there are other types of IRAs that might be right for you. Contact an Allstate Personal Financial Representative to learn more. We'll help you get started.
Traditional IRA and Roth IRA Comparison Chart
* This amount, or 100% of your earned income, whichever is less.
** After death of Roth IRA owner, required minimum distributions will generally apply to beneficiary.