SMARTLAB by Logix

In the fertile financial fields of California, there lived a pragmatic farmer named Fred. With his sensible hat and sturdy boots, he was an emblem of resilience in this tumultuous terrain, where bulls and bears danced their unpredictable dance, and Wall Street wolves roamed. Yet, Fred was armed with a unique arsenal - his magic seeds, each representing a distinct investment strategy.

Let's follow Fred's journey as he cultivates a diverse financial garden and reaps the abundant rewards of his strategic sowing.

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Retiring is a destination, and while there are many ways to get there, investing in a share savings, Money Market Account (MMA), or certificate-based Individual Retirement Account (IRA) is one of the most common because of its relative comfort and lack of, well… turbulence. Specifically, market turbulence. A share savings, MMA, or certificate-based IRA journey to retirement begins with a steady, predictable ascent, then a smooth flight without the uncertainty of market fluctuations. There are little perks along the way, like significant tax benefits and additional federal insurance. And, of course, a perfect landing in retirement. By saving for retirement with a Logix IRA, you can accumulate funds and be prepared for a financially secure future.

Let's explore some of the benefits of investing in an IRA.

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Required Minimum Distributions (RMDs) generally are minimum amounts that a retirement plan account owner must withdraw annually starting with the year that he or she reaches 72 (70 ½ if you reach 70 ½ before January 1, 2020), if later, the year in which he or she retires. However, if the retirement plan account is an IRA or the account owner is a 5% owner of the business sponsoring the retirement plan, the RMDs must begin once the account holder is age 72 (70 ½ if you reach 70 ½ before January 1, 2020), regardless of whether he or she is retired.

Retirement plan participants and IRA owners, including owners of SEP IRAs and SIMPLE IRAs, are responsible for taking the correct amount of RMDs on time every year from their accounts, and they face stiff penalties for failure to take RMDs.

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An individual retirement account or IRA is an investment account that enables individuals to save for retirement. There are two types of IRAs: Traditional IRAs and Roth IRAs.

Each calendar year, you can contribute up to a maximum dollar amount. The annual contribution limit for 2019, 2020, and 2021 is $6,000 (or $7,000 if you're age 50 or older).

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