RCM provides investment management services for Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, SIMPLE IRA and Individual 401k retirement plan accounts. These accounts are a tremendous tool for compounding retirement savings, whether or not you are already participating in an employer sponsored retirement plan at work. They're also a fabulous tax savings tool. By contributing to an Individual Retirement Account (IRA) you can benefit from tax deductible contributions, tax-deferred/free growth of your earnings and income, and the saving mentality it instills in your daily financial habits. Savers can contribute on a periodic or systematic basis depending on their own personal situation.
IRA's offer savers the ability to invest in stocks, bonds, mutual funds, real estate, commodities and other asset classes. Most financial gurus estimate needing 80-85% of pre-retirement income to live on in retirement. Unfortunately, those same experts also agree that most 401k plans and social security benefits are not enough to cover these ever-growing amounts. The government encourages savers to contribute up to $5,500 ($6,500 if 50 or older) annually into Traditional or Roth IRA's, even if already participating in employer sponsored plans at work. And RCM agrees, because the opportunity cost for every dollar not contributed is another dollar of tax-deferred or tax-free earnings the IRS will never give back.
The IRS has made most retirement plan accounts eligible for rollover from one type of IRA or employer sponsored retirement plan to another (the Roth can be an exception). Typically, it's beneficial from a cost, organization and time-management perspective to consolidate multiple retirement accounts into one account. It's also important to review beneficiary designations on a regular basis in case personal/family circumstances have changed. RCM's team can help facilitate these needs.