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Don't Miss Out: Five Strategies for Getting the Most Out of Your IRA

Author: Linda Ward,
Linda Ward,

Executive Director,

Head of Retirement and Education Solutions

Don't Miss Out: Five Strategies for Getting the Most Out of Your IRA
Getting the Most From Your IRA
1.
Contribute early in the year
2.
Contribute for a nonworking spouse

The Power of Tax-Deferred Compounding

The Power of Tax-Deferred Compounding
3.
Take advantage of “catch-up” contributions

“If you aren’t planning on making an IRA contribution this year, think again. Even if your contribution isn’t tax deductible, every dollar you contribute is a step toward achieving the retirement you want. And every dollar you don’t contribute is a lost opportunity.”

Linda Ward,
Executive Director, Head of Retirement and Education Solutions
4.
Contribute and convert
If you do not have an existing IRA
If you have existing IRAs

Traditional vs. Roth IRAs: Key Differences and Similarities

Source: Internal Revenue Service, January 2018

Features Traditional IRA Roth IRA
5.
Kick-start saving for the next generation.

Five Questions to Ask Your Advisor

  • Can I deduct my IRA contribution if I have a retirement plan at work?
  • Does it make sense to consolidate my IRAs?
  • Should I change my beneficiary designations?
  • How much income will my retirement accounts provide in retirement?
  • Am I saving enough?
NEXT STEPS

JPMorgan Chase & Co. and its affiliates do not render accounting, legal or tax advice. Estate planning requires legal assistance. You should consult with your independent advisors concerning such matters. Investment ideas presented herein may not be suitable for all investors.

 

This information is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Investing, asset allocation and diversification do not guarantee investment returns and do not eliminate the risk of loss. Speak with your J.P. Morgan representative concerning your personal investment needs.

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