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Tax-free money-market funds If you need easy access to your money, money-market funds can offer such privileges as check writing, complete liquidity and low minimum investments. All the income earned is exempt from federal taxes.
Unit trusts These investments diversify your money among 10 to 30 municipal bonds selected by professionals. Again, the interest earned is free from federal income taxes.
Tax-free mutual funds Your money is pooled with the money of thousands of investors and is invested in 30 to 100 municipal bonds. In addition to tax-free income, you also benefit from diversification and professional money management.
Another way to keep higher taxes at bay is with tax-deferred investments. These allow you to accumulate money without paying current taxes until you withdraw the funds, for instance, when you've retired, at which time you may be in a lower tax bracket. There are a number of products that offer the benefits of tax deferral.
Individual retirement accounts
Despite media hype to the contrary, 80 percent of Americans still qualify for partially or fully deductible IRA contributions. And anyone under age 70 1/2 with earned income can still contribute to an IRA. Whether or not the contributions are deductible is determined by your adjusted gross income and whether you and your spouse are covered by a companysponsored retirement plan.
95.9%