How can you save more for retirement?

Supplement your savings with an IRA.

  • Are you contributing as much as you can to your retirement plan?
  • Is your spouse not covered by a retirement plan?

Then consider supplementing your retirement savings by contributing to a Traditional or Roth IRA.

THINGS TO CONSIDER

  • For 2012, you can save up to $16,500 in your employer-sponsored plan. If you’re age 50+, you can save up to $22,000.
  • If your salary exceeds the limits for a Roth IRA, you can always open a Traditional IRA. While your contributions may not be tax-deductible, they will still grow tax deferred.

IRA Contributions Limits:

2012:   $5,000
$6,000 (if age 50+)


Traditional IRA Roth IRA
x
Who can contribute? Anyone of any age who earns some income Those under age 70½ whose income doesn’t exceed $183,000 ($125,000 for single filers)
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Are contributions taxed? Yes, unless you meet certain income limits Yes
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Are earnings taxed? No, which may help your money grow faster No, which may help your money grow faster
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Are withdrawals taxed? Yes, at ordinary income tax rates No, as long as certain conditions are met*
x
*If five-year aging requirement has been satisfied and one of the following conditions is met: age 59½, death, disability or qualified first-time home purchase.

This information has been provided for your benefit and is not intended or designed to be tax advice. Consult your individual tax adviser with any specific questions.

Please contact one of our Certified Retirement Counselors with questions at 1-888-244-6297.
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