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Make Your IRA Contributions, Increase Retirement Savings Potential
 
Contributing to Individual Retirement Accounts (IRAs) could help you prepare for a more comfortable retirement.  An important step is putting away the maximum allowable amount each year.  Currently, you can contribute $5,000 to an IRA per year, $6,000 if you are 50 years of age or older. 
 
Take a look at some information regarding Traditional and Roth IRAs.
 
Traditional IRA:
 
  • The Maximum individual contribution is $5,000, $6,000 if you are age 50 or older.
  • Your earned income must be at least equal to the amount you contribute.
  • Is tax deductible if you are not covered by an employer-sponsored plan. 
  • Is tax deductible up to the maximum contribution (depending on Modified Adjusted Gross Income -MAGI) if you are covered by an employer-sponsored plan.
  • Your earnings grow tax deferred, and are taxed as regular income when you withdraw from the IRA.
  • You can contribute to a Traditional IRA even if the contributions are not tax deductible.
  • You may contribute to Traditional AND Roth IRA's but, your total contribution cannot exceed $5,000 ($6,000 if 50 or older) for any given tax year.
 
Roth IRA:
 
  • The Maximum individual contribution is $5,000, $6,000 if you are age 50 or older.
  • Your earned income must be at least equal to the amount you contribute.
  • Contributions are not tax deductible.
  • Your earnings and qualified withdrawals are tax free!
  • You may contribute to Roth AND Traditional IRA's but, your total contribution cannot exceed $5,000 ($6,000 if 50 or older) for any given tax year.
A "saver's tax credit"  of $1000.00 per individual, $2000.00 per couple filing jointly may be available if certain eligibility requirements are met.  Ask your income tax preparer for details.

Do you need help setting up an IRA? Have questions regarding IRA contribution limits, how much you should contribute, or other IRA questions? Visit with an IRA Representative at Security State Bank. We have the information you need to start saving for your retirement.
 
 
 
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                         Lewiston, MN 55952       Ostrander MN 55961     Spring Valley, MN 55975     Wykoff, MN 55990             Hokah, MN 55941
                         (507) 523-2161                 (507) 657-2285               (507) 346-9899                     (507) 352-2321                 (507) 894-2000
                         (800) 523-2161                 (877) 657-2285               (877) 346-9899                     (877) 352-2321                 (888) 894-8944
                 Fax: (507) 523-3670         Fax: (507) 657-2264       Fax: (507) 346-9880             Fax: (507) 352-2391         Fax: (507) 894-7756