- Maximum contribution for 2019 is $6,000, and $7,000 if you are 50 years or older.
- Contributions can be made for the previous year until April 15th of the following year.
- You must have earned income, or a spouse with earned income to contribute.
- Contributions can lower your taxable income now, grow tax deferred, and are taxable when you withdraw in retirement.
- You may only contribute until age 70 ½, and then you must begin to take withdrawals.
- Non-qualified withdrawals prior to age 59 ½ are penalized.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you discuss your specific situation with your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results.
Investing in stock includes numerous specific risks including: the fluctuation of dividend, loss of principal and potential illiquidity of the investment in a falling market.
Dollar cost averaging involves continuous investment in securities regardless of fluctuation in price levels of such securities. An investor should consider their ability to continue purchasing through fluctuating price levels. Such a plan does not assure a profit and does not protect against loss in declining markets.
All investing involves risk including loss of principal. No strategy assures success or protects against loss.