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Investing for Retirement
Should you invest in an IRA?
Individual Retirement Accounts (IRAs) are a popular choice for those who want to save for their retirement. Both Traditional IRAs and Roth IRAs allow your contributions to grow tax-deferred until retirement. With both, you can choose from a wide range of investment options, including mutual funds, stocks, bonds, and certificates of deposit (CDs).
Open a Domini IRA Today: Application forms are available to open a new IRA, to move an IRA from another fund company to Domini, or to move assets from a 401(k) plan account or other retirement plan to Domini. Contact us with any questions.
Which kind of IRA might be right for you?
Contributions to a Traditional IRA are tax-deductible, with certain restrictions. When you withdraw money in retirement, it is taxed as ordinary income. If you withdraw money before age 59 ½, you must generally pay tax on the withdrawal, plus a 10% penalty.
If you think your tax rate in retirement will be lower than it is now, and if you do not plan to withdraw your money before age 59 ½, a Traditional IRA may be the best choice for you.
Contributions to a Roth IRA are not tax-deductible — but your withdrawals after age 59 ½ are not subject to federal tax. In addition, you may withdraw your contributions (but not your earnings) at any time without paying a penalty.
If you think your tax rate in retirement will be higher than it is now, or you might need your contributions before age 59½, a Roth IRA may be the best choice for you. In addition, if your income is too high to qualify for the Traditional IRA tax deduction, a Roth IRA may be a good alternative.
For more details on Traditional IRAs vs. Roth IRAs, please see this table.
The information set forth above is intended only as a brief, general overview of certain federal income tax provisions. It should not be considered tax, legal, or investment advice. Domini Social Investments LLC, DSIL Investment Services LLC, and their affiliates and agents are not tax advisors, and do not provide tax advice.
Each person’s financial situation is unique. All information and examples provided here are for general illustrative purposes only, and are addressed in general to a hypothetical reader, not to you specifically. Tax law is complex, subject to change at any time, and has many rules, details, and exceptions. State and local tax law varies from federal tax law. To learn about federal tax law and rules, details and exceptions concerning IRAs, you should read IRS Publication 590 “Individual Retirement Arrangements (IRAs)” available at www.irs.gov or by calling the IRS at 1-800-TAX-FORM (1-800-829-3676). If you have questions and for tax advice, you should consult a financial or tax advisor before acting.