Individual Retirement Accounts - IRAs & Rollovers - Waukesha Wisconsin


Individual Retirement Accounts (IRAs) and IRA Rollovers are great ways to invest and save for retirement. The two most common types of IRAs are, Traditional IRAs and Roth IRAs.

Traditional IRAs:
  • Contributions may be tax deductible. This often leads to a lower tax bill in the year you make the contributions.
  • The money has the potential to grow tax-deferred until you withdraw it, typically in retirement.
  • Withdrawals made after age 59½ are taxed but not penalized.
  • A potential downside to the Traditional IRA is that you'll be forced to begin withdrawing money and paying taxes on those withdrawals when you reach age 70½ whether you need the money or not. These required minimum distributions (RMDs) can cause you to pay taxes and draw down the account sooner than you might like.
Roth IRAs:
  • Contributions are made with after-tax dollars. There is no immediate tax break for making contributions to the Roth.
  • One of the big advantages to a Roth IRA is that the amount you contributed (not including earnings) can be withdrawn anytime without taxes or penalties.
  • Another advantage is that earnings can be distributed tax free and penalty free if the account is at least five years old for any of the following:
    • You are at least 59½
    • Qualified first-time home purchase
    • Death or Disability
  • You are not required to take distributions (RMDs), so if you don't need the money you can pass the account to your beneficiaries and they can take advantage of tax free withdrawals.
Over time most people find themselves with IRAs and other retirement accounts in multiple locations.  IRA Rollovers can help simplify things:
  • IRAs from a former employer, brokerage firm, insurance company or bank can be combined or "rolled" in a single account.

1. Roll assets to an IRA
4. Cash out or take a lump sum distribution



Please call to discuss your IRA and rollover options in detail (262) 798-3787












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