IRA’s (Individual Retirement Accounts) are one of the most common ways to save for retirement. Conceptually, they are familiar to many, but the details related to and surrounding these types of accounts can be confusing. Many investors are also familiar with Roth accounts, which are a type of an IRA. This time of year, January thru April 15, is a critical time to understand IRA parameters since during that time you can address both tax years–2017 and 2018. In this article by Jim Glass of The Slott Report, he provides a well-written, brief overview of six important actions to consider to make the best IRA choices for 2017 (as you file your returns), and to plan strategies for 2018.
NOTE: Information provided in this post is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional adviser familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.