Retirement Security: 🏡 Helps ensure financial stability in later years.
Contribution Limits (2024) 📊
Annual Limit: 💵 $7,000 ($8,000 if age 50+).
Income Limits: Roth IRA contributions phase out starting at $138,000 for single filers and $218,000 for married couples.
Deadline: 📅 Tax filing deadline (e.g., April 15, 2025, for 2024 contributions).
Benefits of Traditional and Roth IRAs 🛡️
Traditional IRA: Tax-deferred growth, lower taxable income today.
Roth IRA: Tax-free withdrawals, no required minimum distributions (RMDs).
✅ Wide investment options and flexibility.
Other Tax-Advantaged Savings Options 🌍
401(k): 💼 Employer-sponsored plan with higher contribution limits and potential matching.
Health Savings Account (HSA): 🏥 Triple tax advantage for medical expenses and retirement savings.
SEP IRA: Ideal for self-employed individuals and small business owners.
Solo 401(k): High contribution limits for self-employed individuals.
Permanent Cash Value Life Insurance & Annuities: No contribution limits, No income limits, tax-deferred growth, possibility for tax-exempt income.
Secure your financial future today 🎯
IRAs are essential tools for building a secure financial future. Whether you choose a Traditional or Roth IRA, they provide unique tax advantages and complement other savings options like 401(k)s or HSAs. 🌟 Start planning today to achieve your retirement goals with Triathlon Partners! 🏆
By ira
December 08, 2024