How to make the most of your IRA

Don't miss out on tax advantages

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Due to recent events, Tax Day has been moved. Consider whether this extra time can help you improve your tax efficiency strategy, especially when it comes to retirement.

The best way to maximize the tax benefits that come with an IRA is to contribute the maximum amount each year. And now, with tax day pushed out, you have even more time to fund your future.

A new law, the SECURE Act, has passed and may affect your future IRA contributions and withdrawals. You can contribute to your IRA longer and you don't have to withdraw your funds as early.1

  • Fully Fund Your IRA for 2019

    The contribution limit for the 2019 tax year is $6,000 ($7,000 if you're 50 or older). You have until July 15, 2020, to put in as much as you can.

    Benefit: If you meet the requirements to deduct your traditional IRA contribution, you could potentially lower your adjusted gross income by the amount you contribute.

    Translation: More money available for your near-term goals with a traditional IRA. (One thing to note: This only applies to traditional IRAs, not Roth IRAs.)

  • Start Funding for 2020

    Contribution limits are $6,000 for the 2020 tax year ($7,000 if age 50 or older). When you contribute to your IRA throughout the year, you have a greater chance of fully funding it.

    Benefit: Maxing your contributions annually could help your retirement savings, thanks to the power of compounding.

    Translation: The more you put in, and the earlier, the greater your growth potential.

Fuel Your Retirement. Be Smart About Your IRA & Taxes.

IRAs offer great potential for reaching your retirement savings goals. Now, with the SECURE Act, the ability to contribute to your IRA is no longer restricted by age. The key is to be smart about the tax implications of your choices.

Let's talk to help best position you for retirement. Call 855-249-4740 or provide the information below and we'll connect with you soon.

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Consider an IRA Conversion

Have a traditional IRA? As you look ahead to retirement, it may make sense to convert your traditional IRA to a Roth IRA, especially considering the effects of the SECURE Act. Of course, it depends on your specific situation, but consider this:

When you convert a traditional IRA to a Roth, you will generally owe taxes on the amount that you convert. However, one reason a conversion might make sense for you is if you think you may be in a higher tax bracket when you retire. Also, unlike traditional IRAs, Roth IRAs have no required minimum distributions (RMDs) for you, although your beneficiaries will be subject to distributions.

Due to the CARES Act, RMDs have been waived for 2020. But on a typical year, you will have to take any RMDs you are currently subject to prior to conversion.

Take the Right Next Steps

Whether you want to plan out more contributions before the end of the tax year or reconsider which type of IRA suits your needs, we're here to help.