Today’s tip will cover “What is an IRA?”

An IRA, is an Individual retirement account that is an investing vehicle used by individuals to save for retirement with tax free growth. What this means for you is that once the money is contributed in the account, there are no taxes imposed on the dividends or capital gains that the investments earn. There are several types of IRAs such as Traditional IRAs, Roth IRAs, Simple IRAs and SEP IRAs. The contribution limits for Traditional IRAs is $5500 for 2018 and $6500 if you are age 50 or older.

There are several factors to consider if an IRA is the best way for you to save for retirement. Feel free to contact me to see if an IRA is right for you and your future retirement savings. Remember to consult with your tax advisor for your specific tax related questions.
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Catherine Magaña is a CFP® or CERTIFIED FINANCIAL PLANNER™ and Managing Partner at Savvy Women Wealth Management in Carlsbad California.

We help women invest wisely and create custom financial plans for their way of living so they can enjoy a fulfilling retirement with peace of mind…
…without giving up their lifestyle.

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LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA