It`s a Directory Blog
A-Z With Me
Employees Should Understand The Rules For Their IRA
October 24th, 2008 by admin
There are a few things to consider if you are participating in a simple IRA retirement account. You can defer up to $10,500 during the 2008 tax year into the account. Your employer should match your contributions by up to 3%. Also, if you are over 50, you can make catch up contributions of up to $2,500 this year. You can expect the standard deferral amount to grow each year with the cost of living. Additionally, should you find the need to withdraw money from your IRA account, make sure you have satisfied the two year rule requirement. This means that you cannot withdraw money from the account before two years after the first day that the account was opened.
