You can save on your taxes with an Individual Retirement Account (IRA) by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.
With an IRA, you may also be able to defer taxes until you retire, when you will probably be in a lower tax bracket. You may want to consult your tax advisor to review the tax-deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.
If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan.
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