Davenport & Company LLC

Saving for retirement is one of the most important financial decisions you can make for yourself and your family. At Davenport we specialize in retirement planning for individuals and businesses and offer the guidance and investment solutions to help make your goals a reality.

If you're not taking advantage of an Individual Retirement Account (IRA), you may be missing out on an exceptional opportunity to save for a secure retirement. The IRA contribution limit for 2009 is $5,000, and individuals age 50 or older can also make an additional $1,000 catch-up contribution.

There is a suitable IRA for virtually everyone. Depending on your income and personal situation, you may qualify for either one of the following accounts:

Roth IRA

Contributions are not tax-deductible, but your money can accumulate tax-free.
Tax-free and penalty-free withdrawals of annual contributions may be made at any time.
Tax-free and penalty-free withdrawals of earnings may be made after five years…

upon reaching age 59½
for purchase of a first-home (up to $10,000)
in case of death or disability

There's no requirement to begin taking distributions at age 70½ — you can even continue making contributions if you're still working.

Traditional IRA

Contributions may be tax-deductible depending on your earned income.
Your savings benefit from tax-deferred growth (withdrawals are subject to tax).
Penalty-free withdrawals are available for post-secondary education, first-home purchase (up to $10,000) and certain medical expenses.

Also, if you're not sure where you stand toward reaching your retirement goals, establishing a Davenport IRA Rollover account can help you get a consolidated view. Benefits include:

Simplified record keeping
Ease of setting asset allocation and periodic rebalancing
An experienced Investment Executive to consult on progress towards your goals
Access to professional investment management and monitoring

To learn more about how we can help you plan and maintain a secure retirement, please contact a Davenport Investment Executive today.