Investors still Have Time to Make a 2012 IRA Contribution ...

Learn more about IRS deadlines for Individual Retirement Accounts.

Investors still have a few weeks to make 2012 contributions to IRAs and boost the amount of money they?ve set aside in tax-sheltered retirement accounts, according to IRS rules setting an April 15, 2013 deadline for 2012 IRA contributions.

IRAs ? or Individual Retirement Accounts - represent a significant share of the $16.3 trillion U.S. retirement market, according to our newly released report, Retirement Market Insights 2013. The plans account for nearly $5.4 trillion of assets held in retirement funds ? the highest level in five years and significantly more than the roughly $3.6 trillion in 2008.

Learn more about how U.S. investors are allocating assets into their retirement accounts.

Main Street Americans ? those with investable assets of $100,000 up to $1 million - are likely to save for retirement through both an employer-sponsored 401(k) retirement savings plan and some type of IRA account, according to Millionaire Corner research. Two-thirds of Main Street employees save for retirement through the work place, and 39 percent own a traditional IRA, 35 percent, a rollover IRA and 33 percent, a Roth IRA.

Doubling up on retirement savings accounts is a strategy to address prevailing high levels of concern over retirement security. Less than half of 401(k) plan participants ?fully expect? to have enough money to live comfortably in retirement and a significant share ?including 54 percent of those ages 44 and younger ? feel they are not saving enough money to meet their financial goals.

Investors can generally contribute to their IRA accounts at any time during the calendar year and up to the deadline for filing taxes for that year ? not including extensions, according to the IRS. ?Exceptions include taxpayers with a traditional IRA who turn 70 ? during the calendar year and older taxpayers with traditional IRAs.

Investors who turned 70 ? in 2012 are subject to alternative minimum distribution requirements in 2013.

IRA contribution limits for 2012 are $5,000 for taxpayers who were up to 49 years old last year. Those who turned 50 or older by the end of 2012 can make a catch-up contribution of up to $6,000. Deductions are reduced for higher-income earners and phased out entirely for those in the highest income brackets. They may also be affected by workplace retirement programs.?

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Source: http://www.millionairecorner.com/article/investors-still-have-time-make-2012-ira-contribution

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