Individual Retirement Account

Established under the Tax Reform Act of 1986, the Individual Retirement Account allows individual employees to make contributions to their retirement savings each year on a tax-deferred basis.¹ The individual's income level and eligibility for a company pension plan determine whether his/her contribution, or a percentage of it, is tax deductible.

In 2008, the maximum allowable contribution is the lesser of $5,000 ($6,000 for persons age 50 and older) or your taxable compensation for the year*.

¹ Under current federal income tax laws, an IRA purchased with qualified retirement plan assets may help lower your income tax burden by keeping your accumulated savings from being taxed all at once. And, when you begin receiving your distributions, you may be in a lower tax bracket than during your peak earning years.

* The Money Alert, 2008

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