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Review IRA accounts at year end

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The busy holiday season unfortunately puts our focus on spending and buying gifts but it is also important to remember the importance of "paying yourself" with a renewed focus on your future needs.

So add one more item to your end of year "to-do list" with a review of your IRA (individual retirement account) and annual contributions.

Starting with a look of the types of IRAs;

There are two types: Roth IRAs and Traditional IRAs and they both allow you to save money for your retirement. IRA accounts can be held in a bank account or mutual fund or stock investment. Consult with a financial adviser to determine which type of IRA is best for you and where you can gain the best return for your risk tolerance and time horizon. Also consider what fees and costs that may apply to the type of account or transactions.

For a helpful comparison chart see the link to the government website above. There is also an IRS Publication 590 to provide assistance with tax questions.

And check out the attached video link for more details on the types of IRAs.

Contribution limits: The maximum amount each year that you can add to your IRA account is based on your age and the tax year. For example, during the tax year of 2013, if you are over age 50, you can contribute a maximum of $6500.

What is the deadline for IRA contributions? You have till your tax return filing deadline (not including extensions) so you may have till April 15th of next year to make your contribution.

And finally if you already have an existing IRA account, take the end of year initiative to review the account performance and your financial goals for the upcoming year.

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