Why Contribute to an IRA? 🤔

• Tax Benefits: Traditional IRA offers tax deductions, Roth IRA provides tax-free withdrawals.
• Compound Growth: 📈 Tax-advantaged accounts enhance long-term returns.
• Retirement Security: 🏡 Helps ensure financial stability in later years.

Contribution Limits (2024) 📊

• Annual Limit: 💵 $7,000 ($8,000 if age 50+).
• Income Limits: Roth IRA contributions phase out starting at $138,000 for single filers and $218,000 for married couples.
• Deadline: 📅 Tax filing deadline (e.g., April 15, 2025, for 2024 contributions).

Benefits of Traditional and Roth IRAs 🛡️

• Traditional IRA: Tax-deferred growth, lower taxable income today.
• Roth IRA: Tax-free withdrawals, no required minimum distributions (RMDs).
• ✅ Wide investment options and flexibility.

Other Tax-Advantaged Savings Options 🌍

• 401(k): 💼 Employer-sponsored plan with higher contribution limits and potential matching.
• Health Savings Account (HSA): 🏥 Triple tax advantage for medical expenses and retirement savings.
• SEP IRA: Ideal for self-employed individuals and small business owners.
• Solo 401(k): High contribution limits for self-employed individuals.
• Permanent Cash Value Life Insurance & Annuities: No contribution limits, No income limits, tax-deferred growth, possibility for tax-exempt income.

Secure your financial future today 🎯

IRAs are essential tools for building a secure financial future. Whether you choose a Traditional or Roth IRA, they provide unique tax advantages and complement other savings options like 401(k)s or HSAs. 🌟 Start planning today to achieve your retirement goals with Triathlon Partners! 🏆