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X-Square Capital debuts IRA in time for tax season

X-Square Capital, a local advisory and investment management firm, has unveiled its new individual retirement account, or IRA: the X-Square Balanced IRA.

This investment tool, launched for the first time this year, offers the client taxpayer benefits while guaranteeing higher long-term returns destined for their retirement, it confirmed.

The X-Square Balanced IRA offers higher long-term returns because it invests in a mutual fund that is registered with the US Securities and Exchange Commission. This “guarantees the client’s money is invested in a wide range of global companies, due to its worldwide reach, and Department of Treasury bonds while providing tax benefits for when tax season comes up,” company executives said.

“X-Square Capital’s X-Square Balanced Fund is the first local mutual fund registered in the U.S. Securities and Exchange Commission and is the first IRA in the market that is managed 100% online,” said X-Square Capital President Ignacio Canto.

“By utilizing our advanced technological tools, we intend to lower costs and increase efficiencies to all our clients, with the intention of providing the best long-term benefits for their retirement. In a matter of minutes and through the same portal, they can invest in the IRA on our website as well as consolidate their existing IRAs through rollover,” said Canto, who is also the firm’s portfolio manager.

Another benefit of the X-Square Balanced IRA is that there are no penalties for withdrawing money nor charges or commissions for transferring or rolling over an existing IRA to the X-Square Balanced IRA, except those charged from Puerto Rico’s Treasury Department that may charge when withdrawing before turning 60 years old.

Also, the IRA makes it easier for customers to access their account statement online at any time, ensuring greater transparency, he said.

“Our main goal in creating this IRA was to offer the modern Puerto Rican investor the greatest flexibility and transparency possible with their IRA account. We want to empower and advise our clients to make wise financial decisions,” said Canto. 

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This story was written by our staff based on a press release.

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