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Sooner is Better with Retirement Savings
Filed under: Adults, Young Adults, Savings
It's never too late to start saving for your retirement. The sooner you begin the more money you stand to accumulate. If you aren't saving for your retirement the best time to start is NOW!
Traditional and Roth Individual Retirement Accounts, IRAs, are a good way to start. The most you can contribute to an IRA is $5,000 per year, or $10,000 per couple. Each person over age 50 can contribute an extra $1,000. To help your savings grow faster, earnings on IRAs are either tax deferred until you withdraw them or tax free in some cases. With the recent tax law changes, more people can or will be able to deduct their IRA contributions on their Federal tax return. Consult your tax advisor about your situation.
There are also two new ways to withdraw IRA contributions before age 59 1/2 without a penalty. As a qualified first-time homebuyer you may withdraw up to $10,000 for a down payment and closing costs. You can also withdraw IRA savings to pay for college.
So, start small if you like but start now. Take advantage of any 401K or other retirement savings programs your employer may offer. If you're ready for an IRA, Earthmover has a variety of IRA options. Plus, we don't charge any IRA maintenance fees. Talk to a Member Service Rep. for more information.
