You know it’s important to save. Contributing to your IRA will help you make progress toward your retirement goals.
Once you’ve opened an IRA, the next step is to fund it. If you have earned income for the 2012 tax year, you are eligible to make contributions up to the current annual limit amount. The more you can contribute to your IRA, the more you can potentially benefit from tax-advantaged growth and the more progress you can make toward your retirement savings goals.
Contributing to an IRA has never been easier. CHFG offers you many different ways to contribute to your existing IRA:
- Automate your IRA contributions.
It’s an easy way to make sure you invest on a regular basis. Set up monthly, automated contributions to save more while keeping it off of your to-do list.
- Mail a check.
- Work with a CHFG financial professional to create a funding strategy.
Make regular contributions to your IRA
By trying to contribute the maximum amount every year to your IRA, you’re giving more of your money more time for potential growth. If contributing to the maximum isn’t possible, investing even smaller amounts today could still add up to sizable retirement savings tomorrow.
For savers 50 and older
Investors age 50 and over can contribute $6,000 to an IRA for 2012 and $6,500 for 2013. The extra $1,000, called a “catch-up” contribution, is a great way to boost savings when retirement is around the corner.
If you have any questions regarding an IRA or would like to establish an IRA, please contact John Brodacki, III at 617.965.7777 X 209 or John.Brodacki@castlehillfinancial.com or one of our team members at 800.936.1752.
Distributions from traditional IRAs are taxed as ordinary income and, if taken prior to reaching age 59½ may be subject to an additional 10% federal income tax penalty.