Florida IRA's

Have you made your retirement plans yet? The most common type of Individual Retirement Account in Florida is the Traditional IRA. The current (2006) maximum contributions that can be made annually is $4,000 or your taxable income for the year - whichever amount is lowest.

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A Proper Individual Retirement Account Must Adhere to the Following:

• Trustee must be a bank, credit union, or loan/savings institution
• Trustee cannot accept over $4,000 (except for rollover contributions and SEP's)
• Contributions must be in cash
• You must retain the right to the cash amount at all times
• Cannot be used to purchase life insurance
• Cannot be combined with other property

Federally, the Individual Retirement Account is defined in the Internal Revenue Code 408(a). As of April 4, 2005, an IRA can be exempt from bankruptcy and receives Federal protection. Furthermore, all Traditional IRA's are tax-deductable and when withdrawn are taxed as income.

Whether you are planning to retire to Florida, or live there currently, it is imperative to be prepared. Keep tabs on your retirement plan and make changes as needed. If you have no retirement plans as-of-yet, contact a local IRA Professional to help you secure the retirement of your dreams.