Yes it really is that time of the year. Millions of Americans will spend the next couple months preparing to file their tax returns. Undoubtedly, many of them will make the reactive decision to open an IRA account through this process. The April 15th deadline for IRA contributions to be counted for the previous tax year is a big driver of this increase in activity.
Shouldn’t IRA planning be more a proactive process that is part of a comprehensive, overall retirement strategy? One that consumers focus on throughout the year, rather than just during the first few months? So many people will open an IRA account in connection with filing tax returns, and often times this is the only time throughout the year that their IRA planning gets the attention it deserves.
JJ Montanaro, a CERTIFIED FINANCIAL PLANNER™ practitioner with USAA has some advice on how to avoid common mistakes. “Staying aware of what to do and what not to do can really pay off, too.”
Your local banker or financial planner in connection and consultation with your tax planner can help you with a variety of options when considering which kind of IRA is best for you. Community Banks like DNB First have expert bankers and advisors to help you make the best decision given your unique situation. Stop in for a review of your current products and services.