As we get close to year end, we need to start planning now for contributions and allocation of not just our personal dollars but our IRA or 401(k) retirement dollars as well. Here are four strategies to keep in mind in your planning:

1. Contribute as much as you possibly can to take advantage of long term savings tax deferred or tax free. This is especially true if you are in a company 401(k) with matching.

2. Invest for your tomorrow. The longer you have until you need to start taking those required minimum distributions the more you can afford to hold in growth investments. With a self-directed IRA or Individual 401(k) you can invest directly in alternative investments that are not offered through a brokerage house, financial planner or insurance agent. Log onto www.theentrustgroup.com to learn how you do this!

3. Remember, qualified plan deadline for contributions is December 31st — not the same deadline as an IRA.

4. If possible, don’t withdraw funds prematurely. If you withdraw before you reach age 59 ½, you will most likely incur income taxes and a 10% penalty.

Take good care of your financial future, and start planning today!

This entry was posted on Monday, November 26th, 2007 at 7:26 pm and is filed under Self-Directed IRA. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.