Do you have big plans for retirement? Travel across the globe? Buy a boat? Financially help your children or grandchildren? If your retirement goals are going to require a lot of money or you simply want to build the biggest nest egg you can, there are ways to supplement your retirement savings outside of our IAP and Pension Plans.

Participating in an IRA—a traditional IRA or a Roth IRA depending on your income level—can maximize your ability to save for retirement while reaping tax benefits. And, like the IAP, both IRA options afford you the opportunity to actively manage your savings if you want. Contribution limits and other parameters change yearly so unless you are well versed in tax laws, it would be a smart idea to consult a financial advisor and/or tax professional, such as an accountant, to learn how you can maximize your retirement savings, benefit from tax exemptions, and avoid penalties or tax burdens.

Here are some questions to consider asking a financial advisor and/or tax professional:

• What is the maximum employer contribution I can
  receive in my Individual Account Plan?
• What is the maximum I can contribute on my own to an IRA plan?
• What is a catch-up IRA contribution and at what age can I start making a large contribution to an IRA plan?
• Should I be pursuing a traditional IRA or a Roth IRA?
• What are the differences between a traditional IRA and a Roth IRA?
• How would the tax regulations of an IRA plan affect my beneficiaries in the event of my passing?
• Is there an age at which it does not make sense to open an IRA or Roth IRA or can they be opened at any age?
• Can I open an IRA or Roth IRA for my spouse?
• What kind of investments can be made in an IRA or Roth IRA?
• Will I have control over those investments and how often can I change the investments in an IRA or Roth IRA?