Have you already completed your form and need some tax relief? An IRA is your solution, but first, you need to determine which IRA best suits your needs. Here are some tips to help you identify the perfect IRA for you.
First, begin by identifying your risk tolerance level, finding a balance between your personality and your expectations regarding investments. The concept of risk tolerance is subjective and should not be taken lightly, especially when it comes to investments that ensure future financial stability.
Although generally, there are some basic categories that will help you identify the right IRA for you. If you’re looking for your money to grow long-term or increase in market value, you can invest in a market-based IRA. It’s important to understand that this type of investment may carry higher risk compared to those aimed at security or income generation, as it will be subject to market fluctuations. On the other hand, if security is most important to you, leaning towards a conservative profile that aims to minimize the risk of losing the original investment is advisable. In this case, putting your money into instruments with guaranteed returns would be more suitable. If your goal is to generate stable income, consider options that provide a steady income stream through regular payments.
At Oriental, we offer several IRA account alternatives for you to choose the one that best fits your needs. For instance, the Diversified Growth IRA (DGI)1 is a variable-performance IRA that invests in bonds and stocks and is managed by a group of experts in fund management. It currently offers the highest long-term growth potential. Moreover, it’s accessible, allowing you to make monthly contributions starting from a minimum of $25.00 up to a maximum of $416.66 through automatic transfers from an Oriental account or any financial institution. Meanwhile, the CD IRA 2 is a certificate of deposit that offers a fixed return based on the term you select, ranging from 1 to 5 years. It’s recommended for individuals seeking principal security and a guaranteed fixed return. While you’re completing your form, analyze your situation and make a decision. We have options to secure your financial future.
