If you can’t deduct contributions to a traditional IRA, you may want to choose the Roth IRA. But what if you can contribute to a Roth IRA but you’re still eligible to deduct contributions to a traditional IRA? It’s not a simple choice. You’ll have to weigh other features of the two IRAs.
But the good news is that either type of plan can help you boost your retirement savings. So, whether it’s traditional or Roth, give strong consideration to an IRA.
SEP IRA Offers Tax Benefits, High Limits And More
If you’re self-employed, and you don’t already have a SEP IRA, consider opening one. It can offer you some key benefits. To begin with, your contributions are tax deductible and your earnings grow tax deferred. And you can put fairly large sums into your SEP IRA.
A SEP IRA also is a good tool for small businesses to attract and retain good employees. You’ll help your employees build their retirement savings, and you have great flexibility in deciding how much to contribute to the plan each year. Also, you may be able to deduct company contributions as a business expense.
Your tax adviser can help determine if a SEP IRA is the right retirement plan for you. Give it some thought today.
Contact Wendell at Edward Jones www.edwardjones.com
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