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Saving for College & Retirement
You know that saving for your children's college education and your retirement is important. Get started today and take advantage of the new tax laws.
Having trouble getting started? Contact Us and we will help you start saving for the future.
Saving for college or other education expenses? Now there’s help.
Recent legislation increased the amount you can contribute annually to a Coverdell Education Savings Account (ESA), previously known as an Education IRA, from $500 to $2000 beginning in 2002. The Coverdell ESA also provides other benefits and allows greater flexibility as to how the money can be used for education. Corporations and other entities can also contribute to ESAs.
Start saving more with increased IRA contribution limits!
See the chart below for more details.
Over 50 and worried you haven’t been saving enough for retirement?
If you are over 50, the tax law changes that were passed in 2001 allow you to “catch-up” by contributing more to your retirement accounts. From 2006 and beyond, you can contribute $1,000 more per year. Participants in employer-sponsored plans such as 401(k), 403(b), 457 and SIMPLE plans who are over 50 can also contribute more. Contact your employer for additional information.
Rollovers made easy!
It's now easier to rollover retirement assets from different types of plans to your IRA or current employer’s plan (if you are an active participant and the plan accepts such rollovers). If you would like to rollover assets from other plans to a Wasatch Funds IRA, please visit the Forms page or Contact Us.
This information is not intended to provide legal, tax or accounting advice. We may, from time to time, discuss products and services which have legal or tax implications, but this material is provided for informational purposes only. You should consult a qualified advisor for advice specific to your own circumstances.
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