Josh Millang discusses IRA Maximization Concepts.
Listen to the interview on the Business Innovators Radio Network:
Maximizing an IRA is a smart financial move that can help people build economic security for themselves and their families. There are several strategies they can use to maximize the potential of their IRA, such as contributing the maximum amount allowed by law, taking advantage of tax-deferred growth, and utilizing catch-up contributions if they’re over 50.
Contributing the Maximum Amount Allowed by Law: As long as a person is below a certain income level, it’s possible to contribute up to $6,000 each year into their traditional IRA ($7,000 for those age 50 or older). This contribution limit increases each year with inflation. They can quickly accumulate retirement savings by maxing out their IRA contributions each year.
Taking Advantage of Tax-Deferred Growth: With a traditional IRA, people can defer taxes on their contributions and any growth until withdrawal. This means that contributions are tax-deductible in the year they were made, and no taxes are due on earnings or other gains until distributions are taken from the account. By taking advantage of this tax-deferral feature, people can significantly increase the potential of their retirement savings over time.
Utilizing Catch-Up Contributions: If someone is 50 or older, they may qualify for additional “catch-up” contribution limits, allowing them to contribute an extra $1,000 per year into their traditional IRA accounts for a total contribution limit of $7,000. This can help them make up for any lost contributions throughout their working years and add valuable savings to their retirement portfolio.
Josh explained: “By taking advantage of these IRA maximization strategies, you’ll be able to maximize the potential of your retirement savings while still having the flexibility to withdraw funds when needed. An IRA can be a powerful tool for building wealth and creating financial security. With the right planning and preparation, you can ensure that you’re in a comfortable position for retirement when the time comes. It’s important to remember that an IRA is only one part of a larger financial plan—so be sure to consult with a financial advisor or another qualified professional if you need help with your individual retirement plan. With an understanding of the various strategies available to maximize your IRA, you can make the most of your savings and ensure a comfortable retirement.”
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RPI has been actively managing Health, Wealth, and Legacy solutions for over 2,000 retiree clients from our Central Iowa Headquarters since 2008. They are an established succession planning firm for retiring Medicare Insurance Agents and a Wealth/ Legacy Resource for a growing Network of Elite Independent Senior Market Advisors.
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