Individual Retirement Account
An individual retirement account (IRA) is a personal retirement savings plan that can offer specific tax benefits. The IRA is one of the most powerful retirement savings tools available to you. Even if you are contributing to a 401(k) or other retirement plan at work, you should also consider opening an IRA.
There are two primary types of IRAs: traditional and Roth. You are allowed to make a total annual contribution of up to $5,500 in 2018, and $6,000 in 2019. Generally, you must have at least as much taxable compensation as the amount of your IRA contribution. However, if you are married and file income taxes jointly, your spouse can also contribute to an IRA, even if he or she does not have taxable compensation. The law also allows taxpayers age 50 and older to make additional "catch-up" contributions of an additional $1,000 in 2018 and 2019.
Both traditional and Roth IRAs feature tax-sheltered growth of earnings, and both offer a wide range of investment choices. However, there are important differences between these two types of IRAs which are important to understand before choosing the best IRA strategy for your needs. Our advisors work diligently to create the most suitable retirement plan for you.
Please contact us for guidance on choosing the best retirement strategy for your needs.
All Securities through Money Concepts Capital Corp.,
11440 N Jog Rd.
Palm Beach Gardens, FL 33418
Itasca Bank & Trust Co. is an independent firm not affiliated with Money Concepts Capital Corp.
Not a Deposit. Not FDIC Insured. No Bank Guarantee. May Lose Value. Not Insured by any Government Agency.