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Planning for the future for your peace of mind
CK Insurance & Financial Company has been serving financial need clients protecting life long assets, planning for the future
Traditional IRA for sound retirement
Stories and information to help you plan, prepare and protect what matters most.
A traditional IRA is a type of retirement savings account that allows individuals to contribute pre-tax or after-tax dollars, with tax advantages. Contributions may be fully or partially deductible, depending on filing status and income. Money in a traditional IRA grows tax-deferred, and withdrawals are taxed as current income after age 59½.
Traditional IRAs are often recommended for investors who expect to be in lower tax brackets at retirement than they are currently in. For 2023, you can contribute up to $6,500 or $7,500 if you’re age 50 or older, and in 2024, those contribution limits increased to $7,000 and $8,000 respectively.
Maria Marlin
Retired Govt Officer, ON, Canada
Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.
Maria Marlin
Retired Govt Officer, ON, Canada
Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.