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A Publication of WTVP

Many more wage-earning and non-wage-earning spouses are eligible to make tax-deductible Individual Retirement Account (IRA) contributions than ever before.

Prior law did not allow deductible contributions for spouses if one spouse was an active participant in an employer-sponsored retirement plan and the couple’s joint income exceeded $50,000.

Current IRA deductibility rules are outlined as follows:

Before making any retirement funding decisions, consult your tax advisor regarding your personal tax situation.

Importance of Net Worth

To manage your money successfully, you need a standard by which you can measure your economic progress.

One gauge of your financial headway is your personal balance sheet; it will allow you to see your assets and liabilities, and where your money is going. You can then take steps to make your net worth grow by finding ways to control spending, reduce debt, and increase savings and investments.

Once you have an initial estimate, you can go into a more in-depth analysis, if you wish. For more information, call 589-3155. IBI

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