IRA Financial Group Founder – Adam Bergman - Calls for Increase in Income Limitations for Annual Savers Credit for Retirement Account Contributions
New York, NY (PRWEB) March 15, 2016 -- Adam Bergman, founder of the IRA Financial Group, the leading provider of self-directed IRA retirement solutions, believes that the annual income limitations for the Saver’s credit should be increased in order to reach more Americans. For 2016, one is eligible for the credit if (i) Age 18 or older; (ii) Not a full-time student; and (iii) Not claimed as a dependent on another person’s return. The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA contributions up to $2,000 ($4,000 if married filing jointly), depending on your adjusted gross income (reported on your Form 1040 or 1040A). In general, a couple filing jointly will get a credit of 50% of their retirement account contributions if they earn not more than $36,500. However, a couple filing jointly will only get a credit of 10% of their retirement account contribution if they earn between $39,501 and $61,000 for 2016.
With nearly 40 percent of working households with members aged between 25 and 64 having no retirement savings, it is vital that Congress incentivize the American public to save for retirement.
“The Saver’s credit is a great start to help make retirement savings attractive for some, but it is not enough in order to make a real impact for many Americans,” stated Adam Bergman, partner with the IRA Financial Group.
According to Mr. Bergman, “a 10% saving credit for couples filing jointly earning up to $60,000 in 2016 is just not enough of an incentive to spur greater retirement account savings. Whereas, increasing the 50% saver’s credit to couples filing jointly that earn up to $60,000 should have a much more significant impact on incentivizing more Americans to make retirement account contributions.”
The Saver’s Credit can be taken for contributions to a traditional or Roth IRA; your 401(k), SIMPLE IRA, SARSEP, 403(b), 501(c)(18) or governmental 457(b) plan; and any voluntary after-tax employee contributions to your qualified retirement and 403(b) plans. However, rollover contributions (money that you moved from another retirement plan or IRA) aren’t eligible for the Saver’s Credit. Also, eligible contributions may be reduced by any recent distributions received from a retirement plan or IRA.
“The Saver’s credit is a nice enticement offered by Congress to help incentivize Americans to save more for retirement, but because of the low annual income limitations for couples filing jointly, it’s positive impact is not felt by enough Americans,” stated Mr. Bergman.
IRA Financial Trust Company was founded by Adam Bergman, a partner with the IRA Financial Group. The IRA Financial Group, the leading provider of self-directed IRA retirement solutions. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.
IRA Financial Group proudly announces the latest book titled “The Checkbook IRA” written by tax partner Adam Bergman, which is now available on Amazon. This is the second book in a four-part series on self-directed retirement plans. The first book “Going Solo” is also available on Amazon.
IRA Financial Group is the market's leading provider of “checkbook Self Directed IRA and Solo 401(k) plans. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646. To learn more about establishing a self-directed IRA custodian account with the IRA Financial Trust Company please visit http://www.irafinancialtrust.com or call 800-472-1043.
Jaclyn Baily, IRA Financial Group, LLC, http://www.irafinancialgroup.com, +1 (800) 472-0646 Ext: 9, [email protected]
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