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Show family finance A RETIREMENT PLAN FOR SPOUSES For the first time, it's possible pos-sible for houswives and househusbands to receive a pension in their own name. Plan a comfortable future for you and your wife. This is done through an Individual Retirement Account. Ac-count. Sometimes called an IRA, this government-authorized government-authorized program allows individuals in-dividuals to invest for-retire-ment and get tax benefits at the same time. Employees not covered by company retirement re-tirement plans can contribute to an IRA on behalf of themselves and non-employed spouses. For such an account, the maximum yearly contribution contrib-ution is $1750 or 15 percent of annual earnings, whichever is less. All contributions to an IRA are deducted on your Federal income tax return, giving immediate im-mediate savings. You don't have to pay taxes until you withdraw the money, normally nor-mally after retirement when you'll probably be in a lower tax bracket. Dividends and other earnings won't be taxed cither until they too are withdrawn. with-drawn. If you withdraw your contributions earlier than age 59 12, however, for any reason rea-son other than disability, you'll have to pay a penalty tax. 1 Contributions to IRA plans may be put in trust funds, life insurance annuities, government govern-ment retirement bonds or mutual funds. Mutual funds have different financial objectives ob-jectives and you can select a fund whose financial goals closely coincide with your own. In fact, with a mutual fund, you can aim for most any combination of safety, income or growth you wish. A financial adviser, stockbroker, stock-broker, mutual fund representative repre-sentative or insurance agent can help you if you have questions about IRAs. You might also find some answers in the booklet, "Take A Tax Shelter Break," offered free by the Investment Company , Institute, Dept. O., 1775 K Street, N.W., Washington, D.C. 20006. "Peace is our final good." St. Augustine |