Recent studies indicate that over the past few years only a fraction of investors who hold traditional IRAs made annual contributions, and only about one in 14 took full advantage and maxed-out their contributions. If you have an IRA, I ask you this: Is your IRA working as hard as it could for you? Here are some tips to consider.
Did you contribute?If not, you have until April 15, 2011, to make IRA contributions for the 2010 tax year. See accompanying chart for contribution information.
Are your beneficiary designations up to date?If something happens to you while you still have assets in your IRA, your beneficiary designation form will determine who receives those assets. Make sure your forms are up to date and filed with your IRA custodian.
Have you rolled everything over?Today many of us change jobs frequently, so it’s not unusual to have several employer-sponsored retirement plans. While there may be some advantages to keeping those accounts open, you can simplify your life by rolling them all into a single IRA. You may be able to preserve tax-deferred features, streamline your finances, save money on annual fees and organize your record keeping. I can give you additional information on rollovers.
One easy way to save for retirement is to contribute to an IRA — a traditional or a Roth. So if you don’t already have an IRA, now may be a good time to establish one. Which type may be suitable for you depends upon several factors, such as your age, income and whether you have an employer-sponsored plan at work.
Did you contribute?If not, you have until April 15, 2011, to make IRA contributions for the 2010 tax year. See accompanying chart for contribution information.
Are your beneficiary designations up to date?If something happens to you while you still have assets in your IRA, your beneficiary designation form will determine who receives those assets. Make sure your forms are up to date and filed with your IRA custodian.
Have you rolled everything over?Today many of us change jobs frequently, so it’s not unusual to have several employer-sponsored retirement plans. While there may be some advantages to keeping those accounts open, you can simplify your life by rolling them all into a single IRA. You may be able to preserve tax-deferred features, streamline your finances, save money on annual fees and organize your record keeping. I can give you additional information on rollovers.
One easy way to save for retirement is to contribute to an IRA — a traditional or a Roth. So if you don’t already have an IRA, now may be a good time to establish one. Which type may be suitable for you depends upon several factors, such as your age, income and whether you have an employer-sponsored plan at work.
Annuities issued by Farmers New World Life Insurance Company,Mercer Island, WA 98040.
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