Retirement might seem like it's far away, but that's all the more reason to start saving now. Start putting together a strategy so that when it's time to retire, you know your finances are in order.
Of course, the road to retirement can be a confusing one. If you need a little guidance, our specialists can help.
Through our alliance with UVEST Financial Services we can help you determine the right product for you, customizing your IRA with mutual funds, stocks, bonds, CDs, etc.
IRAs have attracted a huge amount of retirement dollars. There are two basic types:
Traditional IRA
Anyone under the age of 70½ who has earned income is eligible to contribute to a traditional IRA. Contributions may be tax deductible, depending on your income level and active participation in an employer sponsored retirement plan (see table below).
Single
| Income | Active participant in an Employer-Sponsored Plan | Not active in an Employer-Sponsored Plan |
|---|---|---|
| 2008 Phaseout Limits | Deductibility of Contributions | |
| Up to $50,000 | All | All |
| $50,001 - $60,000 | Part | All |
| Over $60,000 | None | All |
Married
| Income | Active participant in an Employer-Sponsored Plan | Not active in an Employer-Sponsored Plan |
|---|---|---|
| 2008 Phaseout Limits | Deductibility of Contributions | |
| Up to $70,000 | All | All |
| $70,001 - $80,000 | Part | All |
| Over $80,000 | None | All |
