Maximize Your IRA
Individual Retirement Accounts (IRAs) continue to be one of the most powerful ways to accumulate funds for a financially secure retirement. Here are four ways to maximize the ultimate value of your IRA:
Everyone with earned income (wages) is eligible to contribute up to $5000 for 2011. You can still make 2010 contributions until April 15. Roth IRA contributions are not deductible, but can be made by those with adjusted gross income under certain levels. (Consult your tax advisor to determine how these rules may apply to you.)
Make Contributions Early
The earlier you make contributions, the earlier your money begins earning on a tax-deferred basis. By making your contribution early, you are more likely to make an extra contribution over your working career; and that adds up.
Take Advantage of the Catch-up Provision
For the past several years, individuals age 50 and above have been eligible to contribute extra amounts to their IRAs. For 2011, those individuals can contribute an extra $1000 to their IRAs.
Invest Your IRA Wisely
Your IRA is, or will become, a significant part of your net worth. How it is invested deserves the same attention you give your other investments. Doing your homework and using the services of a financial expert with FSB Warner Financial can make a large difference. Give us a call at (319) 235-6561 or visit us online at www.FSBFS.com.