Marc Ludwig, Allstate New Jersey Exclusive Agent for Egg Harbor Township, Northfield and Berlin, said that with the April 15 deadline for making a 2011 IRA contribution creeping closer, it’s time to think about the Ten Reasons to Consider Speaking with a Financial Professional About Opening an IRA or Rolling Over 401(k) Monies to an IRA:
1. I want to leverage the tax advantages of an IRA
2. I am over 50 years old and I’d like to utilize the “catch-up”
3. I had a New Year’s resolution to be fiscally fit
4. I have already received my tax refund and would like to use that money toward my 2011 IRA contribution
5. I am seeking additional investment options for long-term financial goals
6. I have a new job and I am wondering how and where to rollover my lump sum distribution
7. I am concerned about my retirement savings and relying solely on Social Security
8. I want to learn more about retirement savings options
9. I have inherited some money and would like to use the money to increase my retirement savings
10. I have a child who recently graduated from college
Ludwig says that this is the right time to put dollars aside for retirement by contributing to a Traditional IRA because, if you meet the prescribed requirements, you may get an additional deduction on your taxes. If you don’t necessarily meet those requirements, then you might consider a Roth IRA, which offers tax advantages when you receive a qualified distribution.
“Many Allstate New Jersey agents are securities licensed as Personal Financial Representatives with Allstate Financial Services, LLC,” Ludwig said. “Other Allstate New Jersey agents work directly with a Personal Financial Representative who assists individuals with their financial needs. Either way, our customers have valuable access to a financial professional and can learn about the savings flexibility and investment versatility of an IRA, which could be funded with a choice of products such as mutual funds, stocks, bonds, annuities and CDs.”
As Ludwig explains, all situations are different depending on your needs, so a Personal Financial Representative can help you to determine which retirement savings account option will work best for your situation.
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