An IRA is an Individual Retirement Account in which you make contributions toward your future financial security. The amount you put in is flexible, so you may contribute whenever and in whatever amounts you so desire per IRS guidelines. The two most important features for establishing an IRA are:
- Tax-deductible contributions
- Tax-deferred earnings
Luso offers various Retirement plans with 5 and 7-year duration contracts.
Check out the IRS website for more Contribution Information! https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-simple-ira-contribution-limits
With the passage of the Taxpayer Relief Act of 1997, a new type of IRA called the Roth IRA was created. This program is designed to help people save for retirement. Contributions to a Roth IRA are not tax deductible like the traditional IRAs. However, qualified distributions from a Roth IRA are received TAX FREE, and therefore they are very popular.
Check out the IRS website for more information about IRA’s!
Traditional & Roth IRA’s
See chart below for maximum annual contributions*. The law further allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision. The law also allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision.
Check out the IRS website for more Contribution Information!
** Luso-American Financial or its agents do not offer tax advice, please consult your tax advisor for information specific to your situation. **