September 20, 2006 10:49 PM
Five Strategies to Maximize Your IRA
Here are five excellent tips from Morningstar on how to build a big IRA for your retirement.
From Morningstar:
As more and more companies have eliminated traditional pension plans, individual retirement accounts are increasingly becoming a cornerstone of many workers' retirement plans. So it only makes sense that you take some time to make sure you are taking maximum advantage of these plans. IRA rules can be complex, but don't let that stop you. The rewards are great for those who know how to squeeze every drop of value from their accounts. Follow these strategies and tips to make the most of your IRAs.
Strategy 1: Start early.
Strategy 2: Plan which investments to hold in your IRA.
Strategy 3: Convert part or all of your traditional IRA to a Roth IRA.
Strategy 4: Stretch out your IRA by choosing the right beneficiary option.
Strategy 5: Use your RMDs to rebalance.
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