When planning for retirement you should fully fund the tax-deductible and tax-deferred savings plans that are available to you as an individual and through your employer. First on the list should be plans where the employer makes contributions and/or matches your contributions. Next should be any IRA’s that you qualify for. As you climb the investment pyramid, it becomes increasingly important to seek help from an expert.
The following is a summary of retirement plans:
For Regular and Spousal IRAs: (See Traditional IRAs) Your contribution is fully tax-deductible if:
Your contribution is partially tax-deductible if:
Your contribution is not tax-deductible if:
To obtain a more detailed explanation of the various retirement plans, you can visit the IRS website atwww.irs.gov.