Catch Up On Your IRAs

Grow your retirement nest egg by making annual contributinos to your IRA.

Each year you may be eligible to make deposits based on your earned income. IRAs are specifically designed to give you an advantage on your retirement savings through unique tax incentives, including compounded interest that continually grows tax deferred.

For IRA purposes only, earned income consists of wages (reported on a W-2), self-employment income from a business or farm, and alimony. You also must be under age 70.5 years old to contribute to a traditional IRA. (Roth IRAs, by contrast, have no age restrictions.)

The limit you may contribute to a Traditional or Roth IRA annually:

  • If you are under 50 years old the maximum contribution up to $5,000
  • If you are 50 years old or older the maximum contribution up to $6,000

Next Steps

2012 contributions can be made up to the tax filing deadline of April 15, 2013. You may be eligible to contribute to either plan; however, your combined contribution to both accounts cannot exceed your above limit ($5,000 or $6,000). We recommend that you consult a tax expert regarding your eligibility for either a Traditional or Roth IRA account.

HUECU has made it easy to start securing your future. Spread your IRA savings over the year with automatic weekly, bi-weekly, or monthly contributions. It's easy — simply stop by any of our branch locations to apply. You can also call (617) 495-4460 or email us to get started today!