Personal savings will make up a large portion of your retirement income. A good way to build personal assets for retirement is to open an IRA. When you open an IRA, you have two options – a traditional IRA or a Roth IRA. The tax treatment of your contributions and withdrawals will depend on which option you select. A Roth IRA has contribution limits that vary according to your age. Currently, you can contribute up to $5,500 a year into an IRA, or $6,500 a year if you’re over age 50. You can also start out with much less.
November 30, 2015