You have until Monday, April 15^th, 2019 to make your 2018 Individual Retirement Account contribution.  It is possible you could add to your ROTH IRA or receive a deduction on your Traditional IRA contribution. 

• 1. Maximize your 2018 IRA contribution—before April 15^th

You can place $5,500 into your IRA +$1,000 if you are over 50 years old = $6,500

• 2. Maximize your 2019 IRA Contribution—you can do this immediately

You can place $6,000 into your IRA and +$1,000 if you are over 50 years old = $7,000

• 3. Consider a ROTH IRA – ROTH IRA’s have more flexible rules

You can contribute to a ROTH if you are under these limits:
Single filer and you make less than $137,000. Phase out starts at $122,000.
Married filing jointly and you make less than $203,000. Phase out starts at $193,000.
You DO have to pay taxes when you contribute to your ROTH IRA
You will NOT receive a tax deduction
You will NOT have to pay any taxes when you take the funds out at the time of your retirement
You can take out funds after 5 years without paying the 10% early withdraw penalty, such as a 1^st time home purchase

• 4. Consider a Traditional IRA – you may qualify for a tax deduction

You are single and make less than $63,000 – $73,000
You are married and make less than $103,000 – $123,000

• 5. How can I invest my IRA savings?

You can invest in individual stocks, mutual funds, bonds or ETF’s (exchange traded funds)
We would be happy to talk with you about your IRA investment selections
Structuring your portfolio for long term growth is important

• 6. Consider the fantastic advantages of an IRA!

Your money grows without paying capital gains tax or income tax on your dividends and income
Your money compounds and grows over the years – very powerful!

• 7. Minimize Fees and Expenses in your IRA Account

Choose an account with inexpensive trading fees – we work with Schwab Institutional = $4.99 per trade
Choose a Schwab account – No annual account fees
Choose inexpensive no-load mutual funds for broad diversification – US large companies, US small companies, European large companies and a mix of bonds to invest your IRA funds

• 8. You could initiate an IRA for your spouse even if they do not work outside of the house

Rush to make your Individual Retirement Account contribution this year and every year.  An IRA account is one of the most powerful investment vehicles because of the tax-free nature of this account.  Most importantly, your money grows and compounds over time. 

We at Schenley can guide you through the process!