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Financial Fitness Blog

Not too late to contribute to your IRA for 2016

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Andie HartwigIRA contributions for a specific tax year can be made until your tax return deadline…so this year, you may apply IRA contributions (up to the 2016 limit) by April 18, 2017 to the 2016 tax year. This can be done for both Traditional and Roth IRA accounts.

Be aware you cannot apply automatic contributions to a prior tax year. You will need to write a check for any contributions made in 2017 that you wish to apply to 2016. For 2016, individuals may contribute a maximum of $5,500, or $6,500 if age 50 or older. However, contributions can never exceed your earned compensation for the year.

Wisconsin public school employees, their spouse or domestic partner, children, parents, and parents-in-law may participate in the IRA program offered by Member Benefits. We also accept rollovers from a variety of retirement plans.

Before you decide on any IRA program, ask about fees. Our IRA is a great option because we have no sales commission and our low annual administrative fee is lower than the fees charged by many other providers.

Call us to learn more at 1-800-279-4030.

Andrea Hartwig, RIS Specialist

Spring forward on important tasks at daylight saving time

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Stefanie WalshDaylight saving time begins this Sunday...so spring is just around the corner, right? Set your clocks ahead one hour before you go to bed on Saturday night.

The time change is a good reminder to take care of some tasks that can protect the ones you love and help keep your finances on track. Here are a few things to consider:

Around your home

  • Test and replace batteries in smoke alarms and carbon monoxide detectors. (How much time do you have to escape a fire? It's probably a lot less than you think.)
  • Check and replace your furnace filter.
  • Inspect your exterior dryer and furnace vents to ensure they are clear of debris.
  • Clean your dryer filter and inspect hoses.
  • Inspect your gutters and downspouts for any blockage.
  • Inspect your roof for missing or damaged shingles.

Your car

  • Check the inflation and tread on your tires.
  • Test your headlights, brake lights, and turn signals.
  • Replace any non-functioning bulbs.
  • Check the fluid levels under the hood.

Your accounts

  • Review and update your beneficiaries on all of your savings and retirement accounts, especially if you've had a recent life change.
  • Make sure your address, phone numbers, and email information are up-to-date on all of your accounts.
  • Evaluate your retirement account to see if your holdings reflect your desired allocations. Rebalance as needed.

Stefanie Walsh, Personal Insurance Consultant