Standard Bank Blog

Good news! The amount you can contribute to an Individual Retirement Account has increased for the year 2013. The contribution limit, the maximum dollar amount you can put into a tax-favored retirement plan each year, is now $5,500, an increase of $500 over 2012’s limit of $5,000. 

Have you recently changed jobs?  You may be wondering what to do with your 401(k) plan account.  Luckily you have options which we will help you understand.

What Will I be Entitled to?

If you leave you job (voluntarily or involuntarily) you will be entitled to a distribution of your vested balance.  Your vested balance always includes your contributions and any investment earnings on those amounts as well as your employer contributions.

The 2011 IRA Contribution Window is still open

We all know IRAs are an important piece of the retirement puzzle.  That is why you should not miss an opportunity to contribute to yours and maximize your chance to reach your goals!

The IRA Contribution window for a given year starts on the first of January and closes on tax day of the following year.  For 2011 that means that January 1st, 2011 was the beginning and April 17th, 2012 is the close.  That means you still have time to make your 2011 contributions!  For all of you that file for tax extensions those do not apply to IRAs so be sure to make your 2011 contributions no later than April 17th.

We all know IRAs are an important piece of the retirement puzzle.  That is why you should not miss an opportunity to contribute to yours and maximize your chance to reach your goals!

The beginning of 2011 is fresh in our minds, but we have not yet forgotten 2010.  Do you have an IRA?  If so, are your contributions where you want them to be?  You can still add money for 2010 up until the tax deadline!

For those of you who have not yet setup an IRA read on for some basic knowledge to help you get going with an IRA to get 2011 off to a great start!

Which IRA Type is best for you?