IRAs and employer-sponsored retirement plans are subject to annual contribution limits set by the federal government. The limits are periodically adjusted to compensate for inflation and increases in the cost of living.
For the 2013 tax year, you can contribute up to $5,500 to all IRAs combined (the limit will be adjusted annually for inflation). If you have a traditional IRA as well as
Topics: State Bank of Southern Utah, Planning, Retirement, Retirement Planning, Retirement Plans, IRA, Investment Executives, Finances
Courtesy of SBSU Financial Services
Unforgettable Birthdays
Birthdays may seem less important as you grow older. They may not offer the impact of watershed moments, such as getting a driver’s license at 16 and voting at 18. But beginning at age 59, there are several key birthdays that can affect your tax situation, health-care eligibility, and retirement benefits.
59½ — You can start taking penalty-free withdrawals from IRAs and qualified retirement plans, provided certain conditions are met. Ordinary income taxes generally
Topics: Taxes, Seniors, Retirement Planning, IRA, Benefits, Wealth Management, Medicare, Social Security, Education
