Michigan IRA: A few more reasons to save
Open a Michigan IRA (Individual Retirement Account) before April 15, 2020, to take advantage of potential tax benefits on your 2020 tax return.
Many people set goals to save more money to support a comfortable retirement. Even if your retirement seems well into the future, there can be some instant gratification.
Michigan IRA 2019 contributions
For the 2019 tax year, individuals can make annual contributions to a traditional or Roth IRA of up to $6,000 or 100% of earned income, whichever is less. Married couples who file jointly can contribute up to $11,000 ($6,000 per IRA) provided either spouse has earned an income of at least that amount. Individuals age 50 or older can take advantage of a catch-up provision and contribute an additional $1,000 to an IRA.
Customers can set up a Michigan IRA with a minimum initial contribution. Adding money every month will allow the account to grow on a tax-deferred basis. Regular contributions will be a great resource to help you save for the future and provide for a comfortable retirement.
Many Michigan Insurance Companies offers several products that you can use as an IRA funding vehicle. Factors such as your time horizon, risk tolerance, and other financial goals, will make some products more suitable than others. Contact a professional to help access your financial situation and determine what type of IRA may best meet your needs.
An IRA can become a crucial part of your retirement savings program. The sooner you begin, the more time you have to take advantage of the benefits an IRA provides. The time to establish an IRA has never been better.