IRAs & Retirement
Let Us Help You Manage Your Retirement Account
We have provided a basic overview of retirement account options below. Please check the IRS website for specific information pertaining to your account type or check with your accountant for further details.
401(k) or 403(b) offered by your employer
A 401(k) is usually offered by a for-profit company, while teachers and other employees of certain nonprofits may be offered a 403(b) instead. They both allow employees to contribute a portion of their wages to individual accounts.
A sole proprietor can set up an individual 401(k) and make contributions as both the employee and employer.
SEP stands for simplified employee pension, and this kind of account is used primarily by the self-employed or small business owners.
A SIMPLE (Savings Incentive Match Plan for Employees) IRA is available to any small business (generally with 100 or fewer employees).
An IRA is available to anyone saving for retirement, while providing certain tax advantages. Contributions may be fully or partially tax deductible, depending on your unique circumstances, and are allowed until the age of 70½. The earnings and/or gains are not taxed until the money is distributed. Required Minimum Distributions (RMDs) must be taken the year of turning 70½.
With a Roth IRA,contributions are not tax deductible because they come from after-tax dollars and can be made after reaching the age of 70½. Distributions may be tax-free if you follow certain requirements, but there is no mandatory requirement once turning 70½. The amounts can remain in a Roth IRA as long as you live.
Stockman Wealth Management is a federally Registered Investment Adviser. This website is solely for informational purposes and should not be viewed as advice or recommendations. Past performance is not a guarantee of future results. Stockman Wealth Management is an independent, wholly owned subsidiary of Stockman Financial Corp. and affiliate to Stockman Bank.
Not FDIC Insured, Not Bank Guaranteed, May Lose Value