It's that time of year when we are scrambling to get our taxes done before the April 18th deadline. It's also approaching the deadline to contribute to either your ROTH or Traditional IRA for 2016. The deadline to contribute is the tax filing time. The maximum allowable for 2016/2017 is $5500 if you are under age 50 and $6500 if you are over age 50. Also, if you are turning age 70 1/2 or you are already over age 70 1/2, you need to make certain to address your Required Minimum Distributions for the year. Did you know there is a 50% penalty if you do not take out the required amount?
For more information, come meet with Sandy Penchansky, Financial Advisor with Infinex Investments located at Watertown Savings Bank (60 Main Street in Watertown), give him a call at 617-928-2349, or email him at firstname.lastname@example.org.
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Infinex and Watertown Savings Bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States are not deposits or obligations and are not guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.