Terms of Use People often associate trust funds only with the wealthy. But a trust actually can be an effective financial tool for many people in many circumstances. A trust is a separate legal entity that holds property or assets of some kind for the benefit of a specific person, group of people or organization known as the beneficiary . The person creating a trust is called the grantor , donor or settlor . When a trust is established, an individual or corporate entity is designated to oversee   More...

Terms of Use: Variable annuities have become a part of the retirement and investment plans of many Americans. Before you buy a variable annuity, you should know some of the basics – and be prepared to ask your insurance agent, broker, financial planner, or other financial professional lots of questions about whether a variable annuity is right for you. This is a general description of variable annuities – what they are, how they work, and the charges you will pay. Before buying any v  More...

Terms of Use Yes, IRAs can be opened and owned only by individuals, so a married couple cannot jointly own an IRA. Traditional IRA rules allow normal contributions even if only one spouse is earning income, so long as you meet the income limitations.

Terms of Use The IRS uses MAGI to determine if any or all of your IRA contribution is deductible and if you are eligible for premium tax credits. The higher your MAGI, the fewer deductions you can take on IRA contributions. There is a maximum MAGI when if met, IRA deductions aren't allowed. While you can still contribute to an IRA, but you won't be able to deduct any of the contributions on your tax return. Adjusted Gross Income (AGI) AGI represents your taxable income. AGI is defined as  More...

Terms of Use Yes , IRAs can be opened and owned only by individuals, so a married couple cannot jointly own an IRA. Roth IRA accounts are available on an individual basis, so long as you or your spouse are earning income and do not exceed the income limitations.

Terms of Use These are the primary types of IRAs: Traditional IRA Roth IRA SEP IRA Non-deductible IRA Self-directed IRA Spousal IRA Simple IRA Please refer to the related articles on IRAs for more information.

Terms of Use IRAs are a great way for you to save for the future. Your IRA can consist of a range of investments from savings accounts, stocks, bonds, and certificates of deposit or share certificates. You can contribute up to a certain limit each year into your IRA and if you're over 50, you are allowed an additional catch up contribution. The tax advantages of a Traditional or Roth IRA depend on your annual income and whether you are covered by your company's retirement plan. B  More...

Terms of Use What is a Roth IRA? The purpose of a Roth IRA is to put away money for retirement. To be classified a Roth IRA, the account or annuity must be designated as a Roth IRA when it is set up. An IRA can be a Roth IRA, but neither a SEP IRA nor a SIMPLE IRA can be designated as a Roth IRA. Roth IRAs are funded with after-tax dollars; the contributions are not tax deductible but qualified distributions are tax-free. You may be able to take a Saver's Tax Credit of 10% to 50% of the co  More...

Terms of Use You can get Social Security retirement benefits and work at the same time. If you are younger than full retirement age and make more than the yearly earnings limit, Social Security will reduce your benefit. In 2025: If you are under Full Retirement Age the limit on earned income is $23,400. If you reach Full Retirement Age in 2025, the limit is $62,160. If you have already reached Full Retirement Age, there is no earning limit. If you are collecting Social Security retirement  More...

Terms of Use There is no legal distinction between a conversion Roth IRA and a regular Roth IRA, both are simply Roth IRAs. A conversion Roth IRA refers to a Roth IRA that receives money from Traditional IRAs through a conversion, rollover or direct transfer. If an account is designated as a conversion Roth IRA, then that account can only accept IRA conversion contributions made in a single year. A separate conversion Roth IRA must be established each year in which an individual desires to c  More...