Making the Most of Your Traditional IRA - wave3.com-Louisville News, Weather & Sports

Making the Most of Your Traditional IRA

Making the Most of Your Traditional IRA

Making the Most of Your Traditional IRA

Your retirement plan doesn't have to be just your 401(k) or your pension. Savvy investors can diversify their plan to save for their golden years by setting up a traditional individual retirement account (IRA). A traditional IRA, which differs from a Roth IRA, allows your investment to grow tax-deferred until they're withdrawn.

Here are a few ways Traditional IRAs can help you maximize your retirement plan:

  1. Open more than one - Traditional IRAs come with contribution caps – It's $5,500/single, $11,000/married in 2015 – but you can open as many retirement accounts as you wish until you're age 70-1/2. Depending on your household's income or if you or your spouse are eligible to participate in an employee-sponsored plan, your entire contribution may not be tax deductible.
  2. Go back in time - Even though the calendar reads 2015, you can still open one for 2014. Federal law allows you to allocate any funds you contribute before the tax deadline (April 15) toward the previous year's contribution.
  3. Change jobs, not investment strategies - IRAs can also come in handy when you're about to leave jobs and need to move your 401(k) money. If your former employer requires that you withdraw your retirement money, you can move your distribution safely from your former employer's qualified retirement plan directly into a rollover IRA and avoid owing current income tax on the distribution.

If you choose to physically receive part or all of your money and do not replace the entire amount within 60 days, you will be subject to taxes, potentially including a 10% additional tax, on the amount kept.

An IRA can become the cornerstone of your personal retirement savings program, providing the foundation for your financial security. That's why it is so important to start planning today. Consult with a private banker at Republic Bank to help you determine how an IRA could help make your financial future more secure.

This information is not to be used as investment advice, but for informational purposes only. Republic Bank & Trust Company prohibits the dissemination, distribution or copying of this document without the Bank’s prior written consent. Please consult your financial or tax advisor for further information. Member FDIC.

  • Republic Bank Money Matters PersonalRepublic Bank Money Matters PersonalMore>>

  • Choosing a Checking Account that Works for You

    Choosing a Checking Account that Works for You

    Choosing a Checking Account that Works for You

    Thursday, August 6 2015 1:18 PM EDT2015-08-06 17:18:30 GMT
    Monday, February 22 2016 11:59 AM EST2016-02-22 16:59:45 GMT

    Today there are more banks available to us than ever before.

    More >>

    Today there are more banks available to us than ever before.

    More >>
  • Local Banks Have More to Offer Local Customers

    Local Banks Have More to Offer Local Customers

    Local Banks Have More to Offer Local Customers

    Thursday, August 6 2015 1:21 PM EDT2015-08-06 17:21:23 GMT
    Monday, February 22 2016 11:58 AM EST2016-02-22 16:58:54 GMT

    As a resident of the Louisville region, you’re committed to the growth and vibrancy of your community. 

    More >>

    As a resident of the Louisville region, you’re committed to the growth and vibrancy of your community. 

    More >>
  • Sample Budget

    Sample Budget

    Sample Budget

    Thursday, August 6 2015 2:03 PM EDT2015-08-06 18:03:21 GMT
    Monday, February 22 2016 11:58 AM EST2016-02-22 16:58:23 GMT

    Sample BudgetSaving is easy when you learn how to track and manage your budget.  Use the sample below to help identify and manage your expenses, and prepare for your future.  Once you know where your money is going, you can begin to analyze your expenses and find ways to cut back. When you’ve reviewed your expenses, the next step is to look at how much you can begin saving, which will then be included in your overall budget.

    More >>

    Sample BudgetSaving is easy when you learn how to track and manage your budget.  Use the sample below to help identify and manage your expenses, and prepare for your future.  Once you know where your money is going, you can begin to analyze your expenses and find ways to cut back. When you’ve reviewed your expenses, the next step is to look at how much you can begin saving, which will then be included in your overall budget.

    More >>
  • Republic Bank Money Matters Savings,cds,money market accountsRepublic Bank Money Matters Savings,cds,money market accountsMore>>

  • There’s Still Time (and Money) to Start Your Savings Account

    There’s Still Time (and Money) to Start Your Savings Account

    There’s Still Time (and Money) to Start Your Savings Account

    Thursday, August 6 2015 2:59 PM EDT2015-08-06 18:59:10 GMT
    Monday, February 22 2016 12:03 PM EST2016-02-22 17:03:35 GMT

    There’s Still Time (and Money) to Start Your Savings AccountIf you often worry that you're not saving enough, you're not alone. The average American saves around 5 percent of their income, but that statistic can be misleading.

    More >>

    There’s Still Time (and Money) to Start Your Savings AccountIf you often worry that you're not saving enough, you're not alone. The average American saves around 5 percent of their income, but that statistic can be misleading.

    More >>
  • Making the Most of Your Traditional IRA

    Making the Most of Your Traditional IRA

    Making the Most of Your Traditional IRA

    Thursday, August 6 2015 2:45 PM EDT2015-08-06 18:45:55 GMT
    Monday, February 22 2016 12:03 PM EST2016-02-22 17:03:01 GMT

    Your retirement plan doesn't have to be just your 401(k) or your pension. Savvy investors can diversify their plan to save for their golden years by setting up a traditional individual retirement account (IRA).

    More >>

    Your retirement plan doesn't have to be just your 401(k) or your pension. Savvy investors can diversify their plan to save for their golden years by setting up a traditional individual retirement account (IRA).

    More >>
  • How to Find the Right Mutual Funds for You

    How to Find the Right Mutual Funds for You

    How to Find the Right Mutual Funds for You

    Thursday, August 6 2015 2:43 PM EDT2015-08-06 18:43:08 GMT
    Monday, February 22 2016 12:02 PM EST2016-02-22 17:02:29 GMT

    How to Find the Right Mutual Funds for YouA mutual fund can be a wise way to invest your savings for the long term, whether it's for your retirement or your child's college expenses. However, there are thousands of funds on the market. It's critical to find the right fund or funds so you can maximize your savings and get your ideal return on your investment.Before deciding on a plan, you need to identify your objectives and time frame.

    More >>

    How to Find the Right Mutual Funds for YouA mutual fund can be a wise way to invest your savings for the long term, whether it's for your retirement or your child's college expenses. However, there are thousands of funds on the market. It's critical to find the right fund or funds so you can maximize your savings and get your ideal return on your investment.Before deciding on a plan, you need to identify your objectives and time frame.

    More >>
  • Republic Bank Money Matters MortgagesRepublic Bank Money Matters MortgagesMore>>

  • Mortgage Loans Made Easy

    Mortgage Loans Made Easy

    Mortgage Loans Made Easy

    Thursday, August 6 2015 3:07 PM EDT2015-08-06 19:07:32 GMT
    Monday, February 22 2016 11:56 AM EST2016-02-22 16:56:30 GMT

    There are two components to your total mortgage loan: the actual dollar amount that was borrowed (the principal) and the amount of interest that you are paying the bank to borrow the money.

    More >>

    There are two components to your total mortgage loan: the actual dollar amount that was borrowed (the principal) and the amount of interest that you are paying the bank to borrow the money.

    More >>
  • What is APR?

    What is APR?

    What is APR?

    Thursday, August 6 2015 3:12 PM EDT2015-08-06 19:12:19 GMT
    Monday, February 22 2016 11:55 AM EST2016-02-22 16:55:57 GMT

    APR is short for annual percentage rate. It's a formula that considers some of the costs of acquiring a loan along with the actual rate   of the loan,  then translates those costs into the equivalent rate for a loan without those costs. It's an attempt to provide a standard for comparison.

    More >>

    APR is short for annual percentage rate. It's a formula that considers some of the costs of acquiring a loan along with the actual rate   of the loan,  then translates those costs into the equivalent rate for a loan without those costs. It's an attempt to provide a standard for comparison.

    More >>
  • Looking to Bolster Your Cashflow With a Home Mortgage Refinance? Consider These Tips

    Looking to Bolster Your Cashflow With a Home Mortgage Refinance? Consider These Tips

    Looking to Bolster Your Cashflow With a Home Mortgage Refinance? Consider These Tips

    Thursday, August 6 2015 3:04 PM EDT2015-08-06 19:04:32 GMT
    Monday, February 22 2016 11:55 AM EST2016-02-22 16:55:27 GMT

    Looking to Bolster Your Cashflow With a Home Mortgage Refinance? Consider These TipsThere is no such thing as free money. But refinancing your mortgage to get a lower interest rate is just about as close as you can get.

    More >>

    Looking to Bolster Your Cashflow With a Home Mortgage Refinance? Consider These TipsThere is no such thing as free money. But refinancing your mortgage to get a lower interest rate is just about as close as you can get.

    More >>
  • Republic Bank Money Matters DebtRepublic Bank Money Matters DebtMore>>

  • Tips for Keeping Teens Out of Credit Card Debt

    Tips for Keeping Teens Out of Credit Card Debt

    Tips for Keeping Teens Out of Credit Card Debt

    Thursday, August 6 2015 3:25 PM EDT2015-08-06 19:25:36 GMT
    Monday, February 22 2016 11:50 AM EST2016-02-22 16:50:22 GMT

    Tips for Keeping Teens Out of Credit Card DebtThe financial landscape can seem complicated for even the most seasoned among us, but for teens it can be particularly cumbersome.  Teens are vulnerable to nefarious activities and puzzling concepts.  These simple tips can help you to ensure your teen develops a good financial base of knowledge as he/she prepares for their future.

    More >>

    Tips for Keeping Teens Out of Credit Card DebtThe financial landscape can seem complicated for even the most seasoned among us, but for teens it can be particularly cumbersome.  Teens are vulnerable to nefarious activities and puzzling concepts.  These simple tips can help you to ensure your teen develops a good financial base of knowledge as he/she prepares for their future.

    More >>
  • When is the Best Time to Refinance?

    When is the Best Time to Refinance?

    When is the Best Time to Refinance?

    Thursday, August 6 2015 3:23 PM EDT2015-08-06 19:23:36 GMT
    Monday, February 22 2016 11:49 AM EST2016-02-22 16:49:39 GMT

    When is the Best Time to Refinance? Interest rates on mortgage loans are still at historically low levels and are even lower today than they were a year ago on longer-term loans, according to Freddie Mac.

    More >>

    When is the Best Time to Refinance? Interest rates on mortgage loans are still at historically low levels and are even lower today than they were a year ago on longer-term loans, according to Freddie Mac.

    More >>
  • 6 Ways to Dig Out of Debt

    6 Ways to Dig Out of Debt

    6 Ways to Dig Out of Debt

    Thursday, August 6 2015 3:14 PM EDT2015-08-06 19:14:28 GMT
    Monday, February 22 2016 11:49 AM EST2016-02-22 16:49:06 GMT

    With lenders tightening the reins on borrowers and prices for everything from materials to health care on the rise, many small-business owners are straining under the weight of growing debt.

    More >>

    With lenders tightening the reins on borrowers and prices for everything from materials to health care on the rise, many small-business owners are straining under the weight of growing debt.

    More >>
Powered by Frankly