An Individual Retirement Account (IRA) is a great retirement savings tool for most individuals. Created by the federal government, IRAs can be funded during your working years. During retirement, IRAs may help supplement your Social Security benefits. Your retirement savings can begin with your annual IRA contribution.
If you are under age 50, the current maximum annual contribution amount is $5,000. For those 50 years and older, an additional $1,000 can be contributed. If turning 50 this year, you are now eligible to contribute $6,000. The contribution amounts are adjusted for inflation each year by the federal government.
IRAs come …Read More