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Wednesday, September 23, 2020  

IRAs: 30 years of saving the smart wayPublished 4/5/2005

IRAs: 30 years of saving the smart way

Here’s a trivia question: How much money have Americans invested in mutual fund IRAs since IRAs were first introduced 30 years ago?

Answer: $1.3 trillion

Here is a great way to mark the IRAs 30th anniversary: Open an IRA. If you already have one, then make a contribution.

Great tax benefits

A traditional or a Roth IRA offers you significant tax advantages. With a traditional IRA, you may qualify to make tax-deductible contributions, and any gains accumulate tax-deferred. With a Roth IRA, your contribution isn’t tax-deductible, but withdrawals are tax-tree if you’re at least 591/2 years old and have held the account for five years. When it comes to socking away retirement money, recent changes in tax laws have made IRAs even more attractive. For 2005, you can put up to $4,000 into a traditional or Roth IRA. If you’re 50 or older, you can make an additional $500 catch-up contribution.

It’s up to you

Fewer employers now offer a traditional pension (defined-benefit) plan that promises to pay a fixed amount at retirement. So it’s up to you to fund your own retirement savings through vehicles such as an IRA. If you’re thinking about retirement, call me and we can discuss what kind of IRA is suited to your retirement portfolio.

Don Means,

Insurance Agent/Owner

Means Insurance Agency

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