January 29, 2014

It’s not too late to make IRA contributions for 2013

Individual Retirement Accounts (IRAs) are great vehicles for retirement planning. Not only do regular contributions serve to pad your retirement nest-egg, but they also offset your taxable income, reducing taxes due for the year in which they were made. But your opportunity to contribute to these plans didn’t end with the New Year. You can still make contributions to your IRAs until the tax day deadline, April 15, for the 2013 tax year.

The IRS sets limits on how much can be contributed in any given tax year toward traditional, Roth, and Simplified Employee Pension (SEP) IRAs. Did you know that maximizing your IRA contributions can also result in a more favorable asset determination when applying for a child’s college funding? ‘Tis true.

To learn more about the hows, whys and whens of IRA management, contact Lake Michigan Investment Services for a free analysis. Call us at (616 or 800) 242-9790
ext. 6301 or go online at lmcu.org/investments.

No comments:

Post a Comment