![]() To determine what type of IRA could work best for you, go to Find out which IRA may be right for you and view the most current 401(k) and IRA contribution limits. Footnote 2 A Roth IRA is funded with after-tax contributions, so once you have turned age 59½, qualified distributions, including any potential earnings, are federal income tax-free (and may be state income tax-free) if certain holding period requirements are satisfied. If you meet the phased-out modified adjusted gross income limits, which are based on your federal tax filing status, a Roth IRA may be a good choice for you. Contributions to a traditional IRA may be tax-deductible and the potential investment earnings have the opportunity to grow tax-deferred until you make withdrawals during retirement. A traditional IRA may be right for you depending on your income and whether you or your spouse are eligible to participate in a workplace retirement plan. You have two options: a traditional IRA or a Roth IRA. Consider establishing an individual retirement account (IRA) to help build your nest egg.
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