Retirement Plans
Saving for retirement
Planning for retirement is more than financial security—it’s helping you save and invest so you can have the life you want.
INDIVIDUAL RETIREMENT ACCOUNT (IRA) OPTIONS
IRAs are savings and investment accounts with tax advantages that are designed to help you put away money to cover living expenses once you retire. IRAs can differ in benefits, timing and contributions, and both typically deal in stocks, bonds and mutual fund investment options.
Traditional IRA
The traditional IRA is a well-known means for providing tax-deferred retirement savings.
- SVG
Contributions are made pre-tax
- SVG
Contributions may be tax deductible
- SVG
Earnings are tax deferred until withdrawn
- SVG
Beginning with the 2020 tax year, contributions can be made at any age
Roth IRA
Roth IRAs can be a good choice if you have a lot of years until retirement or if you plan to pass your funds on to your heirs.
- SVG
Contributions are made after-tax
- SVG
Contributions are not tax deductible
- SVG
Contributions can be made at any age
- SVG
Withdrawals made after age 59½ are tax and penalty free, unless the account is less than five years old
MANAGEMENT OPTIONS FOR YOUR TRADITIONAL OR ROTH IRA1
Managed IRA
A professionally managed IRA may be the right choice for you if you want more insight and support in your investment selections over time.
- SVG
You own your portfolio
- SVG
Your financial advisor helps you make elections
- SVG
Feel confident in your investments with a fiduciary at the helm
Self-directed IRA
If you have specific ideas on the asset types you want to invest in, a self-directed IRA will allow you to diversify your portfolio with unique options.
- SVG
You can act as your own investment manager
- SVG
These accounts require a custodian or trustee
- SVG
There are asset type restrictions to be aware of
Trusteed IRA: Combine the long-term control of a trust with the advantages of an IRA
We understand the importance of legacy and retirement planning—not just for today, but for the protection of family and loved ones in the years ahead. That’s why we offer an individual retirement trust, a unique estate planning option that incorporates the benefits of an IRA with the control and security of a trust.
- Simplicity – A unique estate planning tool that combines the tax advantages of an IRA with the management and monitoring of a trust, all in one agreement
- Control – IRA asset control during your lifetime, and fine-tuned management into the future with beneficiary designation options that provide control over beneficiary asset access and the ultimate distribution of the IRA
- Ease – Freedom from the complicated IRS requirements involved in naming a trust as your IRA beneficiary
- Efficiency – Avoid the costs of a custom-drafted standalone trust
If you are interested in rolling over, transferring or converting your retirement account, we can help you through the process.
-
Financial planning: Answers to important questions
Read NowLearn more about the myths about financial planning, how to begin the process, what you need to start, how to create a coordinated approach and the integration of your plan. What are some of the myths about financial planning? 1...
-
How to maximize your health savings account at various stages of your life
Read NowOpen enrollment is the perfect time to learn about a health savings account (HSA) and how to utilize it as a lifelong financial tool. What is an HSA? An HSA is an individually owned, tax-advantaged account that may be used...
-
HSAs can help grow confidence in retirement planning
Read NowDespite the increase in boomers retiring, 27% of retirees feel not too confident, or not at all confident, in their ability to live comfortably in retirement, according to the 2023 Employee Benefits Research Institute ‡ Retirement Confidence survey. This lack...
-
Why you need a personal financial review
Read NowWhen we ask a client if they’ve performed a financial review recently, we’re often met with a blank stare or an answer along the lines of, “Sure, we review our budget every month.” The truth is a financial review is...
-
How to plan your financial future in uncertain times
Read NowWhether you are thinking about job security, your retirement or your financial portfolio, uncertainty abounds. However, I would argue there is no better time than right now to think about your financial future and evaluate where you are today and...
Other Products and Services
View All
1Securities are offered through UMB Private Wealth Management. UMB Private Wealth Management is a division within UMB Bank, n.a. UMB Bank, n.a. is a subsidiary of UMB Financial Corporation.
NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE