 lanning
for a comfortable retirement doesn't begin and end with the
opening of an Individual Retirement Account (IRA). Once your
money is in place, knowledge and expert advice can help maximize
your investment for a comfortable retirement.
Know the rules
The rationale behind delaying your tax is that you may be
in a lower tax bracket after you retire and therefore your
tax bill could be less at the time of distribution. You can
contribute up to $2,000 annually or 100 percent of your earned
income, whichever is less.
Avoid tax penalties
With a traditional IRA, you must begin taking distributions
after you reach age 70-1/2. Distributions from a traditional
IRA are penalty free if you are:
at least 59-1/2 years old
using the funds (up to $10,000) for a first-time home purchase
using the funds for qualified higher education expenses
totally disabled
The Roth offers options
Roth IRAs are for those who would rather pay taxes now than
later. Roth IRA contributions are not tax deductible, but
withdrawals are tax free if the account has been open at least
five years and you qualify under the same conditions as the
traditional IRA.
Is it time for your checkup?
If you have questions about reducing taxes on mandatory IRA
distributions, designating beneficiaries or getting the most
out of your nest egg, let LaSalle Financial Services help.
Our professional financial consultants can help make sure
your IRA investments are on the right track. For more information
or to set up an appointment, visit your local LaSalle branch
or call (888) LFS-1200.
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