IRA - North Light Financial Services

Important IRS Adjustments for 2013

IRAs & workplace retirement plans have higher contribution limits. The IRS has set annual contribution limits for IRAs, 401(k)s and other retirement plans higher for 2013, and made other important adjustments for inflation as well. Here is an overview of some notable changes just announced. The 2013 IRA contribution limit: $5,500. This is a $500 increase from 2012, and it applies to both Roth and traditional IRAs. The IRA catch-up contribution limit for those 50 and older remains $1,000.1,3 The [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:31-04:00November 29th, 2012|401(k)/403(b), IRA, Personal Finance, Retirement|Comments Off

IRA Dates & Milestones to Remember

IRAs come with complex rules and regulations. As these rules and regulations are occasionally forgotten or misinterpreted by IRA owners, here is a refresher. Age 70½: Required Minimum Distributions (RMDs). Once you reach age 70½, you are required to make withdrawals from any traditional (“regular”) IRAs that you have established. (Original owners of Roth IRAs never have to take RMDs.)1 **You must take your initial RMD from a traditional IRA by April 1 of the year following the year during [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:34-04:00May 24th, 2012|IRA, Retirement|Comments Off

Getting Off on the Right Foot in 2012: Retirement Plans

401(k), 403(b) and 457 plan annual contribution limits rise slightly to $17,000, and you can contribute an additional $5,500 to these accounts if you are 50 or older this year. IRA contribution levels are unchanged from 2011: the ceiling is $5,000, $6,000 if you will be 50 or older in 2012.1 As you strive to contribute as much as you comfortably can to these accounts this year, you will probably notice some changes with the retirement plan at your workplace. [...]

By info@northlightfinancialservices.com|2017-03-28T08:17:35-04:00February 7th, 2012|401(k)/403(b), IRA, Retirement|Comments Off