190 W. Huffaker Ln., Suite 405 
Reno NV 89511

Toll Free: (866) 876-1777

Retirement Services

Retirement Plans:

  • For Individuals
  • For Businesses

The retirement planning process begins with you. What are your goals for your life after you decide to retire? What type of lifestyle do you want or need for this time of your life? How do you plan to achieve your hopes and dreams? Where will you live? Will you continue to work or enjoy a hobby or maybe travel? How much life insurance do you expect to need? How much health insurance will you need? What about long term care if you are ill? How much money do you need to retire? Where will this money come from? These and many more questions need to be answered if you are planning to retire with the lifestyle you desire. The sooner you answer these questions and start planning the more likely you are to achieve your goals.

1. Traditional IRAs (Individuals)

Traditional IRAs are primarily tax-deferred retirement plans. Traditional IRA holders are taxed on deductible IRA contributions, plus all earnings, when distributions are taken. Traditional IRAs allow annual contributions of up to $5,000 for tax year 2012.  Account Holders who are age 50 or older may contribute an additional $1,000.  Contribution limits are subject to income levels established by the government.

2. Roth IRA (Individuals)

The Roth IRA, first established for the 1998 tax year, allows annual contributions of up to $5,000 for tax year 2012. Account Holders who are age 50 or older may contribute an additional $1,000. Individuals may contribute only if their modified AGI does not exceed levels established by the government.

The distinguishing feature of a Roth IRA is that the earnings accrue tax deferred and are potentially tax-free at the time of distribution. Contributions to a Roth IRA are not deducible.

The Roth IRA is more accessible than the Traditional IRA in that individuals may take a distribution of their contribution amount at any time and for any reason without penalty.

Descriptions of retirement savings options and tax treatment are believed to be accurate at time of publication. Always consult a professional before making any decisions.

3. Coverdell Education (Individuals)

The Coverdell Education Savings Account, formerly the Education IRA, provides for individuals to save for a child's higher education on a tax-favored basis. The Coverdell Account is a back-ended savings account similar to the Roth IRA in that no deduction is allowed for the contribution.

The main tax benefits of the Coverdell Education Savings Account are the tax-deferred growth of the earnings and the ability to take tax-free withdrawals for higher education expenses.

Qualified education expenses now include Elementary, Secondary and Post Secondary, Public, Private and Religious Schools. Also included: tuition, fees, academic tutors, special needs services, books, supplies, room and board, uniforms, transportation, computer equipment, educational software, and internet access

4. Simple IRA (Individuals)

The SIMPLE IRA is a Savings Incentive Match PLan for Employees. The SIMPLE IRA allows employee deferrals (up to a maximum of $11,500for 2012) and employer matching contributions (up to a maximum of 3% of compensation) but does not require non-discrimination testing or extensive reporting. A catch-up provisision allows those aged 50 and older to contribute up to $14,000.

Once assets are in the SIMPLE IRA, Traditional IRA rules apply with one major exception-the 10% premature distribution penalty is increased to 25% for the first two years of participat

5. Qualified Plans (Businesses)

A qualified plan is an employer-sponsored employee benefit arrangement established for the purpose of providing retirement income for eligible employees. The term "qualified plan" means that the written document and the operation of the plan meet specific qualification requirements outlined in the Internal Revenue Code (IRC) Sec. 401 (a). When a plan meets these requirements the business establishing the plan and the employees benefiting from the plan are entitled to special tax consideration.
First WallStreet Financial Advisor offers the following defined contribution retirement plans:

  • Standardized Profit Sharing Plan
  • Standardized Money Purchase Pension Plan
  • Combined Profit Sharing and Money Purchase Pension Plan
  • Individual(k)

 

Uniform Lifetime Table

IRS regulations require that you take minimum distributions from your IRA and/or other qualified retirement plans when you reach age 70 1/2. Your required minimum distribution (RMD) is calculated by dividing your previous year-end balance by your life expectancy factor. Use the Uniform Life Chart to determine your required minimum distribution if you are the original account holder of an IRA (not a beneficiary) and your sole primary beneficiary is not a spouse more than 10 years younger than you. If either of these two exceptions apply, please contact your Investment Executive for assistance in calculating your required minimum distribution

First WallStreet Financial Advisors does not provide tax or legal advice. Please consult with your own tax and legal advisors before taking any action that would have tax consequences.

Investment advisory services and securities offered through Cetera Advisors LLC (doing insurance business in CA as CFGA Insurance Agency), member FINRA/SIPC. Cetera is under separate ownership from any other named entity.

190 W. Huffaker Ln., Suite 405, Reno, Nevada 89511 United States

This site is published for residents of the United States only. Financial Advisors of Cetera Advisors LLC, may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Not all of the products and services referenced on this site may be available in every state and through every advisor listed. For additional information please contact the advisor(s) listed on the site, visit the Cetera Advisors LLC site at www.ceteraadvisors.com.

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