retirement plans

Individual Retirement Plans

For individuals not currently participating in a company-sponsored retirement plan, there are limited solutions for retirement planning. These programs are subject to income limitations, which we are happy to discuss with you.

Traditional IRA

A tax deductible retirement plan set up with a financial institution or brokerage, where you can contribute personally or via payroll deduction. Contributions limits are set at $5,500 per individual per year, and individuals age 50 and older may be eligible for a catch-up limit of $6,500.

Tax Benefits: Contributions are Tax Deductible and Investment Earnings accumulate Tax-Deferred, and you don’t pay taxes until a withdrawal is made.

Note: There are restrictions to your Tax Deductible Contributions if you,or your spouse, are covered by an employer-sponsored plan and limits based upon total earnings.

Roth IRA

Roth IRAs are a special type of Individual Retirement Account that you may qualify for based on your income level. The maximum contribution of $5,500 per year is not tax deductible, but distributions are tax-free when you follow the rules, and you can tap your contributions (but not your earnings) any time tax-free and penalty-free.

Individuals who expect their tax rate to be higher during retirement than it is now may benefit from a Roth IRA,making them ideal savings vehicles for young, lower-income workers who won’t miss the upfront tax deduction, but will benefit from decades of tax-free, compounded growth.

Tax Benefits: Investment Earnings accumulate Tax-Deferred, and you don’t pay taxes when a withdrawal is made.


If you or your employer participate in a qualified high deductible health plan (HDHP), you and your family are eligible to make tax deductible contributions and enjoy triple tax saving – tax free going in, tax free while they grow and tax free when the investments are dispersed, by establishing your own Health Savings Account IRA in the amount of $3,450 to $8,900 per year depending on your plan. Funds are tax-deferred, and can be withdrawn tax free to reimburse you and your family members for your out of pocket medical, dental, orthodontic, and optical expenses. For a more information on this important government-approved benefit, visit our detailed HSA information.


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Michael G. Kirwan, CLU, ChFC is an Independent Advisor Representative (IAR) of BCG Securities. Securities offered through BCG Securities, Inc., member FINRA & SIPC. 856-393-1950.
The Kirwan Companies, Ltd, and BCG Securities are separate and unrelated entities. Check our broker status.