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How to Determine a Maximum IRA Contribution

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Summary: An annual IRA contribution is set by the IRS, and it can be found in the tax codes. Discover how IRA contributions can increase with age, and talk to a tax preparer, with help from a licensed insurance agent in this free video on retirement planning and personal finance.

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By William Rae
eHow Presenter
Contact: www.hbwfl.com

William Rae has been licensed in the insurance and financial fields for over 30 years. Rae currently runs HBW Florida, specializing in life and health insurance for small business...read more

Series Summary

Finance, whether personal or corporate, refers to money management. By creating a personal budget and managing money, one can organize personal finances to avoid debt caused by frivolous spending. When a surplus of money is formed, investing is an option that makes money work harder. Investing varies from low-risk certificates of deposit to high-risk stocks. Being smart with money can create a healthy savings for the future or retirement. In this free video series, a licensed insurance agent provides financial advice for people who are preparing for retirement. Learn how annuities works, how IRA distributions work and how much money should be saved for retirement. Get information on financial planner services, pension plans and social security disability, as well. Make sure that retirement is easy and free of stress by following the tips in these free videos.

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Video Transcript

"Hi, my name is Bill Rae. I'm a licensed agent and I've been in the financial field for well over two decades. The question is, "How do we determine the maximum IRA contribution?" I'm going to assume you're talking about an annual contribution. If we are talking about the regular IRA contribution. It is set by the Internal Revenue and it is in the tax codes. So one of the easiest ways is to talk to your tax preparer. In 2008, and I believe good for 2009, you're allowed up to five thousand dollars to contribute to an IRA. However, if you're over a certain age, that contribution can go up. So once again, I would recommend talk to your tax adviser or call your financial planner. Either one should be able to determine what your maximum contribution for the IRA is. My name is Bill Rae and I'm helping you build wealth."

eHow Article: How to Determine a Maximum IRA Contribution

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