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Individual Retirement Accounts (IRAs)

Secure a prosperous future with ease. Our Individual Retirement Accounts (IRA) offer a flexible and effective way to grow your wealth for retirement. Whether you’re starting out or looking to transfer existing retirement funds, we have the right plan to suit your goals.

What is an IRA?

An IRA is an investment account designed for retirement savings—a powerful tool for building your financial future. With an IRA, you can systematically invest money, benefit from potential tax advantages, and watch your savings grow over time. With a range of investment options, from stocks to bonds, tailor your IRA to meet your individual retirement goals.

Download our Smart Strategies and Common Mistakes IRA Guide

Types of IRAs

Traditional IRA

Contributions may be tax-deductible and your investments grow tax-deferred. You pay taxes on withdrawals in retirement.

Roth IRA

Contributions are after-tax, but withdrawals, including earnings, are tax-free in retirement.


Ideal for self-employed individuals or small business owners, allowing for higher contribution limits.

Simple IRA

Suited for small businesses, this IRA allows employee contributions with an employer match.

Tax Advantages

IRAs are celebrated for their tax-efficient nature. Depending on the type of IRA, you can benefit from tax-deferred growth or tax-free withdrawals, meaning your investments can compound over time with significant tax savings.

Versatile Investment Options

One of the key strengths of an IRA is its versatility. You can select from a variety of investment choices such as stocks, bonds, and mutual funds, aligning your account with your financial goals and risk tolerance.

I’ve heard of a Rollover IRA. What’s that?

The Rollover IRA is an account that allows you to move funds from your old employer-sponsored retirement plan into an IRA. Generally, folks will open a Rollover IRA after leaving a job with an employer-sponsored plan, such as a 401(k) or 403(b).

A Rollover IRA generally has greater flexibility and lower fees than a 401(k). You aren’t subjected to taxes or withdrawal penalties at the time of transfer, and funds can continue to grow with tax-favorable treatment. It’s best for those who want to consolidate former employer plans and gain access to more investment options.

How can I roll over my IRA?

An IRA Rollover can take place in one of three possible ways.
A Direct Rollover is the tax-free movement of retirement funds from one type of retirement account directly into a different type of retirement account. For example, you can roll over your 401(k) or 403(b) into an IRA. Your plan administrator will draft a check or wire transfer made out to your new account custodian.
A trustee-to-trustee transfer happens between like accounts. For example, a Traditional IRA can transfer to another Traditional IRA. If you’re getting a distribution from an IRA, you can ask the financial institution holding your IRA to make the payment directly from one IRA to another IRA. Since the money is never in your hands, the IRS has no right to charge any penalties or taxes.
If you’re receiving a distribution from an IRA or other retirement plan, you can deposit all or some of it into an IRA or another retirement plan. The rollover must be completed within 60 days of the date that your distributions are granted—otherwise, all or part of your distribution may be taxed and subject to a stiff 10 percent early distribution penalty.
  • Traditional IRA
  • Employer’s qualified retirement plan for employees
  • Section 457(b) eligible governmental plan
  • Section 403(b) plan
  • Roth IRA (very limited)
  • Designated Roth account within a plan (also limited)

 Choose between tax-free growth or tax-deferred investments to suit your financial strategy.

Frequently Asked Questions (FAQ)

Choosing between a Traditional and Roth IRA depends on your current tax bracket, retirement tax expectations, and when you prefer to pay taxes. Traditional IRAs offer upfront tax deductions, while Roth IRAs provide tax-free withdrawals in retirement. Consider your future income expectations and consult a financial advisor for personalized advice.

Yes, you can have multiple IRA accounts, including both Traditional and Roth IRAs. However, be mindful that your total annual contribution across all IRAs cannot exceed the IRS limits.
An IRA rollover involves transferring funds from an employer-sponsored retirement plan, like a 401(k), into an IRA. This is often done when changing jobs or retiring. The process involves deciding on the type of IRA, opening the account, and then directing the transfer of funds from the old plan to the new IRA.
IRAs typically offer a wide range of investment options, including stocks, bonds, mutual funds, ETFs, and sometimes even real estate. The choice depends on your investment goals, risk tolerance, and the offerings of your IRA custodian.
Withdrawing funds from your IRA before age 59½ typically incurs a 10% penalty, plus income tax on the distribution. However, there are exceptions like first-time home purchases or certain medical expenses that allow penalty-free withdrawals.
Contributions to a Traditional IRA may be tax-deductible, reducing your taxable income. Roth IRA contributions are made with after-tax dollars, so there’s no immediate tax benefit, but qualified withdrawals are tax-free. Always consult with a tax professional for specific advice.
A Spousal IRA is a strategy that allows a working spouse to contribute to an IRA in the name of a non-working spouse or a spouse with little to no income. This helps the non-earning spouse build retirement savings and benefit from the tax advantages of an IRA. The key requirements are that the spouses must be married and file a joint tax return. The contribution limits are the same as a regular IRA, but they apply separately to each spouse’s IRA, effectively doubling the couple’s annual contribution potential.
Yes, you can convert a Traditional IRA to a Roth IRA, a process known as a “Roth conversion.” This involves paying taxes on the converted amount, but future withdrawals from the Roth IRA will be tax-free.

Helpful Resources

Checkbook Philanthropy

Thinking Beyond Checkbook Philanthropy

Are you a checkbook Philanthropist?  Writing a check to your favorite charity at the end of the year is a generous way to support a cause or organization that you

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