Individual Retirement Accounts provided by Browne Insurance Services

Why consider an IRA? Even if you have other retirement options through work — like a pension or 401(k) — an individual retirement account is an easy way to prioritize savings. IRAs are tax-advantaged accounts that can hold investments, such as mutual funds and other investments. You tend to get more flexibility with an IRA than you would with a typical 401(k) plan, but you also get fewer guarantees than other retirement products, such as annuities. Our experts can discuss various I R A types, and how each option might fit in your financial and retirement plan.
What is individual retirement account (IRA)?

An individual retirement account (IRA) is an investment account that allows you to save for retirement in a tax-advantaged way. The Contributions to some IRAs may be tax-deductible or withdrawals may be tax-free.

A 401(k) or pension may not provide enough retirement income. Putting money in an IRA can help you prepare for retirement, save on taxes and access investment options your workplace retirement plan might not offer. Your savings may grow faster in an IRA than in a taxable account.

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Types of IRA

An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis.

The 3 main types of IRAs each have different advantages:

  • Traditional IRA- You make contributions with money you may be able to deduct on your tax return, and any earnings can potentially grow tax-deferred until you withdraw them in retirement. Many retirees find themselves in a lower tax bracket than they were in pre-retirement, so the tax-deferral means the money may be taxed at a lower rate.
  • Roth IRA- You make contributions with money you’ve already paid taxes on (after-tax), and your money may potentially grow tax-free, with tax-free withdrawals in retirement, provided that certain conditions are met.
  • Rollover IRA- You contribute money “rolled over” from a qualified retirement plan into this traditional IRA. Rollovers involve moving eligible assets from an employer-sponsored plan, such as a 401(k) or 403(b), into an IRA.

Whether you choose a traditional or Roth IRA, the tax benefits allow your savings to potentially grow, or compound, more quickly than in a taxable account.

Why invest in an IRA?

Many financial experts estimate that you may need up to 85% of your pre-retirement income in retirement. An employer-sponsored savings plan, such as a 401(k), might not be enough to accumulate the savings you need. Fortunately, you can contribute to both a 401(k) and an IRA. A IRA can help you:

  • Supplement your current savings in your employer-sponsored retirement plan.
  • Gain access to a potentially wider range of investment choices than your employer-sponsored plan.
  • Take advantage of potential tax-deferred or tax-free growth.

Contact us today to know more about how IRAs can help in your retirement planning!

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As an independent agency, Browne Insurance Services
Helps you find the right Individual Retirement Accounts Coverage
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Palm Springs, CA
190 W Amado Rd Palm Springs, CA 92262
We extend coverage to individuals and businesses in Campbell, Palm Desert, Palm Springs, Pollock Pines, and Santa Clara areas.

Business Owners Insurance - General liability

Risk Factors

There can be a possibility that a visitor gets injured or gets their property damaged in your business premises.

Solution

Every business, even if home-based, needs to have liability insurance.  The policy provides both defence and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.

Note:  Actual policies must be consulted for specific terms and conditions.

Business Owners Insurance - Property damage

Risk Factors

Your business property may get damaged by certain unexpected events like fire, explosion, hail, etc and cause you a great loss.

Solution

Properties covered by a business policy usually include buildings (owned or rented, additions or additions in progress and outdoor fixtures). The property insurance portion of a It is usually available as named-peril coverage, which provides coverage only for damage caused by events specifically listed in the policy (typically fire, explosion, wind damage, vandalism, smoke damage, etc.).

Note:  Actual policies must be consulted for specific terms and conditions.

Business Owners Insurance - Business Owners Policy (BOP)

Risk Factors

A business owner would require to take various types of insurance coverages to cover each risks. This can cost him more if he/she  take it separately.

Solution

A business owner policy packages all required coverage a business owner would need. Often, BOPs will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.

Note:  Actual policies must be consulted for specific terms and conditions.

Business Owners Insurance - Cyber liability

Risk Factors

Cyber-attack on your computers can be harmful and you would become liable for the losses & expenses incurred.

Solution

Get coverage for computer attacks and damage to electronic data and computer systems. Also offset the effects of your database being hacked or getting a virus.

Note:  Actual policies must be consulted for specific terms and conditions.

Cyber Liability Insurance - Error & Omission liability

Risk Factors

There can be instances where the cyber-attack caused due to negligence of an employee which results in data breach.

Solution

This covers claims against the business arising from negligent acts, errors, or omissions such as the failure to protect sensitive data, the failure to provide notification of a data breach, or the failure to prevent a security breach that results in a DoS attack or the introduction of a virus.

Note:  Actual policies must be consulted for specific terms and conditions.

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