I’m a Financial Advisor: You’ll Never Regret Doing These 4 Things With Your IRA

Core Insights - Many Americans are not fully utilizing the tax advantages and flexibility offered by IRAs, which can significantly impact their retirement savings [1][2] Group 1: IRA Contribution Strategies - Individuals can make tax-deductible contributions up to $7,000 for 2025 ($7,500 in 2026) for those under age 50, and up to $8,000 ($8,600 in 2026) for those aged 50 and above, emphasizing the importance of early and consistent contributions [3] - Roth IRAs allow young adults, often in lower tax brackets, to build tax-free wealth, with contributions possible from parents or grandparents up to 100% of earned income or $7,000 for 2025 ($7,500 in 2026) [4][5] Group 2: Portfolio Management - A globally diversified IRA portfolio can help mitigate market volatility and achieve steady returns, allowing for tax-free reallocation of investments to maintain balance and align with financial goals [6] Group 3: Specialized IRA Options for Business Owners - Business owners can benefit from SEP and SIMPLE IRAs, which offer additional savings opportunities, and should consult financial professionals to understand the specific rules and advantages of these accounts [7]