As is with every new year, 2015 is arriving with plenty of tax and retirement rule changes.
This year there is a brand new way to save for retirement. The Treasury is offering a new type of retirement account called the “myRA”. This new retirement account type is still a Roth IRA, but it is guaranteed by the government to never lose value. Deposits will be made via payroll deduction and can be started with as little as $25. The catch is that you can only use these accounts for up to 30 years or until the balance grows to $15,000, at which point it will transfer to a private-sector retirement account. However, it is still a viable option for someone just starting to save towards retirement.
Want to learn more about Roth IRA planning? Visit: http://www.dh-cpa.com/client_media/files/pdf/2014-Reference-NL—Roth-IRA-Planning.pdf
Davis and Hodgdon Associates CPAs has been assiting nonprofits, individuals and businesses with tax and accounting services in the Burlington Vermont Metro area for more than 20 years. If you have any questions or concerns please feel free to call 802.878.1963 or email [email protected].
William Cruse, Associate Accountant, Davis & Hodgdon Associates CPAs