I don’t know what Congress is planning to do regarding tax changes.
You may have a 401(k), a 403(b) which is for nonprofit organizations such as schools and hospitals, a 457 plan which covers state, county and city employees and there is a Thrift Savings Plan for federal employees.
The Common Mistakes Employees Make With Their Retirement Plans
This particular IRA benefits the “at home nonworking spouse”, a term coined by Congress in its infinite wisdom.
Retirement planning should start with your first job.
This is a good time to start your tax planning for this year.
Close to 48 million taxpayers take the time to fill out all those formidable long 1040s and use their deductions, over $1 trillion in deductions.
Depending what study you read Saving More was often the number 1 resolution for the New Year.
Do you think your tax bracket will lower or higher in retirement?