It’s Graduation time!

We all recognize the difficult and unprecedented time that we are in and how that is affecting all our graduates. Whether your loved one is graduating high school or college or finishing up their master’s degree, they are somehow being shortchanged in this rite of passage. We see huge window displays and yard signs and drive by parade’s hoping to honor the work and accomplishments our graduates have achieved.

Almost everyone can have some sort of IRA. There are Traditional & Rollover IRA's and Roth IRA's. Annual contribution limits have increased over the years, making IRA's much more attractive for saving for retirement. Individuals over age 50 can make additional "catch-up" contributions each year. If you are not participating in an employer sponsored 401(k) plan you may contribute to a deductible Traditional IRA at a maximum of $5,500 per year or $6,500 for those over 50 years of age. Additionally, if you do participate in an employer sponsored plan and income allows you may make a non-deductible contribution to a Traditional IRA and then further transfer the contributions to a Roth IRA, making them non-taxable upon withdrawal through the use of a Roth Conversion. The Roth IRA has become a popular way to expand retirement investing for many investors because, although contributions are not tax deductible, Roth distributions can be tax free if certain conditions ar...