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We all know two facts of old age:
What will you do to ensure your retirement is financially secure? Let’s start with a few definitions.
Definitions: Deferred-Tax and After-Tax Contributions
Savings in Your Business or on the Job
For 2010, you may fund an IRA or a Roth IRA up to $5,000 for yourself and your spouse, up to your combined income limits. If either of you are age 50 or over, you may add another $1,000. Couples who are eligible for a retirement plan at work may face income limits. If only one partner is covered, there are other limits. Naturally, Roth IRA contributions are limited by your income, too.
When your children work, whether for you or for other employers, they are eligible to fund IRAs to those same limits, too.
Deferred-tax options save you money right now. They make it possible to afford the savings you might not otherwise make. When you’re in a 20 percent tax bracket, consider contributing 5 to 10 percent of your wages. You would have paid that in taxes anyway if you had not invested the money in your future.
The best incentive of all is that if you invest your money safely, it will still be there when you retire. If invested skillfully, it will have grown enough to support you in the style you never enjoyed when you were a workaholic.
Eva Rosenberg, EA is the publisher of TaxMama.com, where your tax questions are answered. Eva is the author of several books and ebooks, including Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com.
Weird Taxes Affecting You Right Now
Estate Tax Update: How Will the Estate Tax Affect You?
The Nanny Tax: How to Pay Nannies, Babysitters, and Home Help
Tax Repercussions of Divorce
Tax Consequences of Unemployment
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
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