Tax Season – Do you have your IRA today?

Good morning Women Supporting Women,

First, a blessed and happy Monday to you all.  Also, Happy belated International Women’s Day.  I hope you celebrated all of your greatness on this day!  I spent the day with my fabulous college sisters, enjoying the Temptations play.  Saturday I was blessed to spend time with 2 of my  bonus kiddies,  (a nicer name for stepchildren),  where we ate and watched movies.  Sunday, you already know, I was in church giving HIM the praise for another day to walk this earth healthy and happy.

After wrapping up Long Term Care last week, I wanted to make sure I brought us to a place of relevancy.  Since it is tax season, it made sense that this would be our topic of discussion.

We will do this in a 5 part series:

  • What an IRA is
  • What are the different kinds of IRAs
  • What are the new limits
  • Common reasons why you should consider rolling over assets from former employers
  • How will an IRA impact your retirement in the future

What is an IRA?

An IRA stands for Individual Retirement Account.  This is an account that allows you to save money towards retirement.  Depending on which IRA you decide to go into, you can receive tax benefits, where you will not pay any taxes until you start to withdraw from it.  Since it is meant to be for retirement, if you try to withdraw money from the IRA prior to age 59 1/2,  the IRS will charge you a 10% penalty, not to mention you will pay regular taxes on the amount withdrawn.  A certain type of IRA works very similar to a 401K plan, where it grows tax deferred. You can set up your IRA in a financial institution, e.g. bank or insurance company.  As always, anytime you are looking to park or invest your money somewhere, research the company thoroughly.

Next week:  What are the different types of IRAs

If you have any questions, please feel free to reach out here or email me at: thefinancialcomforter@gmail.com

Thank you and make this week amazing!

Marsha

Changing the lives in our community….one family at a time

 

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