Have You Maximized Your 2016 Retirement Contribution?

3 years ago

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As tax season is drawing to a quick close, you may want to rethink whether you have maximized all of your 2016 tax deductions. One of the easiest deductions is to maximize your IRA or Roth contribution. The April 18 deadline is quickly approaching.

For both 2016 and 2017, the contribution amounts are the same for IRA and Roth accounts:

  • Maximum annual contribution amount is $5500, under age 50.
  • If you are over 50, the maximum annual contribution is $6500.

Once you have maximized your 2016 annual contribution, are you ready to fund your 2017 contribution? Can you fund it fully now to get ahead of the game, or set in place monthly contributions to max out 2017? All of these options are possible.

For individuals that are self-employed, a Simplified Employer Pension (SEP) retirement account may be an option.  It allows contributions up to 25% of compensation, with a maximum yearly contribution of $53,000 for tax year 2016, and $54,000 for tax year 2017.   Please consult your tax advisor for allowable contributions and eligibility.

By contributing to your retirement account, you can maximize your tax deductions, which in turn is an investment in you and your financial future!

–       Michelle Alsobrook, VP Operations

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All written content on http://cabanaportfolio.com website (the “Website”) is for informational purposes only. The material presented is believed to be from reliable sources and no representations are made by CABANA, LLC (d/b/a “Cabana Asset Management”) or Cabana Financial, LLC (collectively, “Cabana”) or its affiliates as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.  No party, including but not limited to, Cabana and its affiliates, assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.

The views and opinions expressed are those of the authors do not necessarily reflect the official policy or position of Cabana or its affiliates. Any content provided by our bloggers or authors are of their opinion, and are not intended to malign any religion, ethnic group, club, organization, company, individual or anyone or anything.

Information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. You should consult with a professional advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation.

Viewers or recipients of the information herein that do not agree with the term and conditions of use, should notutilize this website or any information contained herein. Decisions based on information contained herein are the sole responsibility of the person viewing the website. In exchange for utilizing the information on this website, the visitor agrees to indemnify and hold Cabana Asset management, its officers, directors, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including but not limited to attorneys’ fees) arising from the use of this website, violation of these terms or from any decisions that the viewer makes based on such information.

Cabana Asset Management (“CAM”) is a U.S. Securities and Exchange Commission (SEC) Registered Investment Advisor (RIA) with headquarters in Fayetteville, AR. CAM is in compliance with the current registration and/or notice filing requirements imposed upon SEC registered investment advisors by those states in which CAM maintains clients. CAM may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements.  Further written disclosure information contained in SEC form ADV Part II, including registration status, fees, and services, is available upon written request.

Disclaimers

Cabana LLC (dba “Cabana Asset Management” and “Cabana Retirement Solutions”), is an SEC registered investment adviser with offices in Arkansas, Texas and Colorado. Cabana only transacts business in states where it is properly registered or is exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. Additional information regarding Cabana, including its fees, can be found in Cabana’s Form ADV, Part 2. A copy of which is available upon request or online at https://www.adviserinfo.sec.gov/.

By using this website the user agrees as follows:

All written content on www.thecabanagroup.com website (the "Website") is for informational purposes only. The material presented is believed to be from reliable sources and no representations are made by Cabana, LLC, Cabana Law Group, or Cabana Financial, LLC (collectively, “Cabana”) or its affiliates as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with a financial advisor, accountant or legal counsel prior to implementation. No party, including but not limited to, Cabana and its affiliates, assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.

The views and opinions expressed are those of the authors do not necessarily reflect the official policy or position of Cabana or its affiliates. Any content provided by our bloggers or authors are of their opinion, and are not intended to malign any religion, ethnic group, club, organization, company, individual or anyone or anything.

Information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. You should consult with a financial advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation.

Viewers or recipients of the information herein that do not agree with the term and conditions of use, should not utilize this website or any information contained herein. Decisions based on information contained herein are the sole responsibility of the person viewing the website. In exchange for utilizing the information on this website, the visitor agrees to indemnify and hold Cabana, its officers, directors, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including but not limited to attorneys' fees) arising from the use of this website, violation of these terms or from any decisions that the viewer makes based on such information.

No legal relationship is created or implied by the posting of a blog or exchange of a message in response thereto on this website. All blogs and related statements are not to be construed as legal advice but as general information. In all cases, an attorney should be retained to review the full circumstances and deliver advice consistent with the information disclosed to the attorney.

Please consult with a tax advisor before making any investment decisions.

The insurance and annuity products and services mentioned on this Website are not offered in all states. Insurance products are subject to terms, conditions and exclusions not described on this Website. The information on this Website concerning Cabana and its affiliates’ insurance policies and other products is intended to give you an overview of the policies and the products. None of the information—including any policy or product description—constitutes an insurance policy. The policy contains the specific details of the coverages, terms, conditions and exclusions. All insurance and/or securities transactions between Cabana and/or its affiliates and its customers are conducted based on signed, written agreements. The terms of these signed, written agreements are binding on the parties to the agreements. No other representation, whether made in person, online, electronically, in writing, or by graphic or verbal communication may alter the terms of those agreements.