10 IRA Strategies

If you do not have a 401(k) plan available through your employer, an investment retirement account (IRA) is a popular means of starting a retirement plan. Whether you choose a traditional or Roth IRA

Either way, there are several basic strategies that should be considered as you contribute to your IRA and invest for your retirement years. These include:

1. Don't wait: If you have money that can be invested now, put the money to work in an IRA immediately. The longer the money can benefit from the power of compounding, the more money you will have available for retirement years.

2. Contribute early in the year: If you are looking to claim a tax deduction by funding your traditional IRA, why wait until approaching April 15th of the following year? Make your contribution early in the year.

3. Be proactive: Too many people contribute to an IRA without ever stopping to rethink their investment strategies. Stay on top of your investments and make appropriate changes. Your asset allocation when you are 33 and opening an IRA should be different from your asset allocation when you are 57 and approaching retirement.