When thinking about investments, there are a number available. What you choose will often come down to your own circumstances and what will be most appropriate to help you achieve your own long term goals. One service that the Oxford Advisory Group offers that may be suitable is a traditional Ira.

What is a traditional Ira?

A Traditional Ira In Orlando, FL is a retirement account where you can contribute pre-tax funds, making investments in that fund grow on a tax deferred basis. It is only when someone withdraws money that they pay income tax on those withdrawals. If you with draw money early then that could be classified as taxable income and you could receive a 10 per cent penalty.

Who is eligible?

If you have earned income then you can add money to a traditional Ira, with the option to put funds in occasionally or once a month. Normally the deadline in order to put money into these funds is around the time you have to file your taxes (this is normally the following April of the current year).

For people under 50 in the local Florida area (or indeed anywhere in the United States you can contribute up to $6000 for the combined years of 2020 and 2021 or $7000 if they are over the age of 50.

There are a number of options available when it comes to traditional Iras and other forms of investment so it is often worth discussing your options with a certified financial advisor such as the Christopher Dixon Oxford Advisory Group.