Don’t Lose Out…IRA Contributions

There is still time to make that IRA contribution!

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Here is a very general breakdown: (Consult with your financial advisor/institution or attorney for all the rules).

If you have a Roth IRA or traditional IRA and you are over 50 you can contribute $6,500 per year into the IRA. Don’t miss the opportunity to contribute – up to the maximum.

Remember:  If you reach 70 ½ in 2017…withdrawals from a traditional IRA are mandatory (or there will be penalties.)  The financial institution where you have the IRA can assist you with specific questions and guidance.

At 70 1/2 years of age,  there is no withdrawal requirement for Roth IRA, but again, consult with your financial institution for all the rules of the Roth IRA.

Special Note: Alimony is considered income.  Not only do you have to claim it on your taxes, but since it is income – even if you are not working and receive alimony…alimony income can be used to fund an IRA. Again, check with a financial advisor/attorney in your specific situation.

Hint: Making automatic deposits into your IRA throughout the year can be a great way to ‘grow’ the IRA funds with less financial ‘pain.’

Final Note: IRA’s and other financial instruments are often a mainstay of Estate Planning.  Make sure you know the beneficiary designations of each financial instrument and review them annually.

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