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4 Reasons Why Now is the Time to Examine Your IRA

Posted by Hanscom Federal Credit Union on Apr 29, 2015 10:03:11 AM

Examine_your_IRAIt happens every year. In the weeks before the April 15 tax filing deadline, information about IRA accounts is everywhere. After April 15, crickets. The world has moved on to baseball stats and royals having babies.

So why don’t more people take advantage of post tax season planning? I don’t know, but here’s why you should:

  1. Motivation. There’s nothing like forking over cash to get you thinking of ways to shrink your tax bill. Use that energy to take action now.
  1. You have almost a full year to budget for IRA contributions in 2015. We all know it’s easier to save small amounts spread over time than to scramble for a sizable chunk of cash quickly. 
  1. You have plans to retire, graduate, get married, buy a home, or have a child this year. All of these events will affect your taxes. You’ll want to be prepared with a plan, and an IRA could be a valuable addition to your investment strategy. 
  1. You already have some data. If you have a predictable income, it’s easy to see your potential tax burden this year and whether an IRA could be right for you. Don’t wait until the deadline to make your move. 

How do you know if a traditional or Roth IRA is right for you? Take a look at our IRA Resource Center to get pointed in the right direction. You’ll find helpful information on the different types of IRAs and the best ways to use them.   

Once you’re informed about the rules and purposes of IRAs, consult a financial consultant or tax professional to help you understand your unique situation. Then, get ahead of the game by opening your account right away. 

Check out the  IRA Resource Center

 

Ready to speak with a financial consultant?  Schedule a free consultation with Hanscom Investment Services now by calling 800-656-4328 ext. 2236.†

†Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Hanscom Federal Credit Union is not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Hanscom Investment Services, and may also be employees of Hanscom Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Hanscom Federal Credit Union. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency / Not Hanscom Federal Credit Union Guaranteed / Not Hanscom Federal Credit Union Deposits or Obligations / May Lose Value

 

Topics: Life Changes

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