IRA Minimum Age/Distribution
TWO Exciting Reasons to Talk to Your Lakeside Banker
Effective immediately, the government has raised the age of IRA “Required Minimum Distributions” from 70.5 to 72 years of age! This means your money can stay invested and work harder for you. Open a Lakeside CD for your IRA! And it’s also completely legal to transfer your 401-K’s into a Lakeside IRA CD, too. Insure your funds as you get closer to retirement! Please see your Lakeside Banker for details! You can contribute to your 2019 IRA right up to July 15, 2020.
For 2020 and future years, you can contribute to your IRA up to April 15th of the following year!!
Make your 2019 IRA Investment Until July 15, 2020!
This year, IRA investments may be made until July 15, 2020. Note, IRA financial rules for 2020 are:
- The contribution limit is $6,000.
- The “catch-up” additional contribution limit remains $1,000 for those age 50 and older.
- * 401(k) participants with income are eligible to make traditional IRA contributions.
- The Roth IRA income limit for 2020 is $139,000 for individuals and $206,000 for couples.
- The saver’s credit income limit is $32,500 for individuals and $65,000 for couples.
Lakeside Bank CD’s make GREAT IRA investments. Please see your Lakeside Banker for details. We also recommend consulting with your tax professional.
* Income determines deductibility