Luso-American Financial
Events Calendar
A Fraternal Benefit Society
a fraternal provider of affordable and competitive financial protection, retirement options and the ultimate cultural experience to our members and families.
IRA's
An IRA is an Individual Retirement Account in which you make contributions toward your future financial security. The amount you put in is flexible, so you may contribute whenever and in whatever amounts you so desire per IRS guidelines. The two most important features for establishing an IRA are:
-
Tax-deductible contributions
-
Tax-deferred earnings
Roth IRA
With the passage of the Taxpayer Relief Act of 1997, a new type of
IRA called the Roth IRA was created. This program is designed to
help people save for retirement. Contributions to a Roth IRA are not
tax deductible like the traditional IRAs. However, qualified
distributions from a Roth IRA are received TAX FREE, and this is why
they are very popular.
Check out the IRS website for more information about IRA's!
Traditional & Roth IRA's
See chart below for maximum annual contributions*. The law further allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision. The law also allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision.
Check out the IRS website for more Contribution Information!
Tax Year 2020
IRA Contribution Age 50 & Under $6,000
Age 50+ $7,000
Tax Year 2019
IRA Contribution Age 50 & Under $6,000
Age 50+ $7,000
401(k), 403(b) and SEPs
See chart below for maximum annual contributions*. The law further allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision.
The law also allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision.
Check out the IRS website for more Contribution Information!
Tax Year 2020
Contribution Age 50 & Under $19,500
Age 50+ $25,500
Tax Year 2019
IRA Contribution Age 50 & Under $19,000
Age 50+ $25,000
Simple IRAs
See chart below for maximum annual contributions*. The law further allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision. The law also allows eligible workers 50 or older to contribute additional money every year; this is called a catch-up provision.
Check out the IRS website for more Contribution Information!
Tax Year 2020
IRA Contribution Age 50 & Under $13,500
Age 50+ $16,500
Tax Year 2019
IRA Contribution Age 50 & Under $13,000
Age 50+ $16,000
** Luso-American Financial or its agents do not offer tax advice, please consult your tax advisor for information specific to your particular situation.**
