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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
March/April 2025
IRA Mistakes You Can't Afford
With annual contributions limited by the IRS or your ability to save, your retirement security can't afford you to make missteps with your IRA. Yet many IRA investors do.
Younger people have many financial responsibilities: student loans, car loans, and the expenses of a first-time apartment or home. But that doesn't mean they should ignore saving for retirement. It may bring a modem of reassurance that while an IRA is not an emergency fund, you can access IRA money without tax or penalties for a financial emergency. Premature withdrawals aren't ideal for anyone, but they're generally better than not contributing to an IRA as early as possible.
Married couples with one earner can make annual contributions for a spouse who is not working. As long as the earning spouse has enough earned income to equal the contributions, each spouse may invest up to the annual contribution limit set by the IRS each year, but there are limitations you need to know about.
Tax-sensitive procrastinators may make IRA contributions until the April 15, 2025, tax filing deadline. However, remember that last minute contributions give your investments less time to compound, and you potentially have less money for retirement. If you can't contribute all at once at the beginning of the year for optimal compounding, use a monthly contribution strategy to contribute the most you can, the earliest you can. It makes a big difference over the years.
Like the Roth IRA, traditional IRA contributions are allowable for people of any age. So, as long as you have earned income and can afford to contribute to an IRA, you have options.
Remember that, unlike traditional IRAs, Roth IRAs do not require minimum distributions, and contributions are not tax deductible.
GE-7423289.1(12/24)(Exp.12/28)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-6572038.1 (4/24)(Exp. 4/26)
CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc.
These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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