Making Retirement Work by John Addison (NAPSA)—If you wantto retire on easy street, have a plan for any financial roadblocks. Soaring health care costs, endangered pension plans and other unanticipated expenses have left many of today’s seniors with growing debt. In fact, seniors age 65 and older are now the fastest-growing group filing for bankruptcy. The good newsis that you can protect yourself with tools, including an Individual Retirement Account (IRA). Here’s Addison a closer look: Tax Benefits Both Roth andtraditional IRAs come with great tax benefits. Traditional IRAs often allow you to deduct your contribution from your current taxable income. Plus, your money grows tax deferred until you reach retirement age (at that time, the money is taxed). The Roth IRA does not provide an immediate tax break, but once your moneyis in a Roth, these contributions will never be taxed again and any earnings will be tax-free. You Can Play Catch Up Savers age 50 and older can take advantage of higher “catchup” contribution limits and sock away an extra $1,000 per year for tax-advantaged growth. Now’s The Time You can sock away up to $4,000 into an IRA for the 2007 tax year. Contribution limits rise to $5,000 in 2008. Getting Started Once you get going, you can set up automatic contributions for as little as $25 a month. Make it easy to save and you'll be on your way to retirement dreams. The guidanceof a financial professional can be helpful when developing a retirement plan. For example, the financial professionals at Primerica can help you set up an IRA. Plus, they have created a guide that shows you how to take control of your financial life. To get a copy of “How Money Works,” write to Primerica, 3120 Breckinridge Blvd., Duluth, GA 30099, ATTN: Corporate Relations, or call (770) 564-6329. For more information, visit Wwww.primerica.com. e John Addison is co-CEO of Primerica, a subsidiary of Citi- group, Inc.
