Musician’s Guide to Saving for Retirement
Jeffrey P. Fisher
Don’t sit idly by and wait to control your retirement destiny. There are proactive alternatives to just collecting government checks in your golden years. A personal Individual Retirement Account (IRA) lets you contribute up to $4,000 for the years 2006–2007 and $5000 a year starting in 2008. If you are 50 or above, it’s $5000 for 2006 and 2007 and $6000 in 2008. You direct how and where to invest your money.
The traditional IRA lets you deduct your contribution amount from your income each year, thus reducing the taxes you may owe. Money deposited into the account also grows tax-deferred, ...
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