Tuesday, April 8, 2014
Here are 4 IRA “tricks” that can save you more money for retirement:
- Spousal contribution. If at least one spouse is employed, you can contribute to your IRA and your spouse’s IRA.
- Double-up your contribution. If you didn’t make a contribution last year, you have until April 15 to make a contribution for that year.
- Tax-free required distributions. You can satisfy your required distribution by “gifting” from your IRA to a non-profit. This allows you to avoid paying income tax.
- Catch-up! If you’re 50 or older, you can contribute up to $1,000 more every year into your IRA with “catch-up” contributions.
See Rob Russell, 4 IRA Tricks You May Be Missing, Forbes, Apr. 5, 2014.