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An IRA, or Individual Retirement Account, is one of the easiest ways to prepare for your retirement. A Traditional IRA, as opposed to a Roth IRA, gives you an annual tax deduction. The government allows an individual to put a maximum of $2000 per year into an IRA. A married couple may contribute up to $4000 per year. This amount may then be subtracted from your gross income before figuring your taxes. The money deposited must be earned income.
An IRA is like a box where you put your savings. It can hold Annuities, such as Indexed Annuities, Fixed Annuities, etc. If you have an IRA, it can easily be changed from one form to another.
Since the government allows you a tax deduction, it also adds guidelines to the plan. If you choose to withdraw money before the age of 59 1/2, there is a penalty of 10%. By the age of 70 1/2 you must begin making annual withdrawals. There is a minimum and a maximum amount that the government sets.
If your children or grandchildren have any earned income at any age, encourage them to start an IRA, even with a small amount. To get started, call Nancy, 928-777-8736, or Ron, 928-717-8256, or E-mail us at info@weareinsurance.com.
Use the Information Request Form for fast service.
