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  • 1. What is a Roth IRA? Who can contribute and what are the limits?
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    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. Who can contribute? Generally, you can contribute to a Roth IRA if you have taxable compensation (this can be in the form of wages, salaries, tips, professional fees, bonuses, etc.). Unlike contribut  More...
  • 2. Can I deduct my Roth IRA contribution?
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    Terms of Use: No, contributions to a Roth IRA are not tax deductible. A Roth IRA allows you (if you do not exceed certain income limits) to invest money by making non-deductible contributions that grow tax-deferred.
  • 3. Can you help me understand more about annuities?
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    Terms of Use: Table of Contents Single vs. Flexible-Payment Annuities Fixed vs. Variable Annuities Fixed and Variable Annuity Expenses Deferred vs. Immediate Annuities Withdrawing Money from a Deferred Annuity Why Buy a Deferred Annuity? Why Buy an Immediate Annuity? Options with Guarantees Before You Buy an Annuity Consider the Following Some Questions to Ask Before Buying Confused about annuities? You're not alone. Many people have difficulty understanding them. The main reason for a  More...
  • 4. What is the difference between a Traditional IRA and a Roth IRA?
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    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...
  • 5. What is a Traditional IRA? Who can contribute and what are the limits?
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    Terms of Use An IRA is an Individual Retirement Account that provides several tax benefits . IRA accounts can be comprised of fixed income instruments, such as CDs/share certificates and bonds, and stocks and mutual funds, to name just a few options. The Traditional IRA enables individuals to save money in a tax-deferred account. What that means is that the earnings from your IRA account will not be taxed until you begin taking money out of the account. Traditional IRA Snapshot Contributions:   More...
  • 6. Will Social Security be there for me when I retire?
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    Terms of Use The future of Social Security is in the spotlight these days. Social Security is primarily financed by payroll taxes. As long as people work, the system will never completely run out of money. However, Social Security is facing an uncertain financial future mainly due to demographics. We're living longer and healthier lives ... and this is good news. When the Social Security program was created in 1935, a 65-year-old had an average life expectancy of 12½ more years; toda  More...
  • 7. How much can I contribute to a 403(b)?
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    Terms of Use What is a 403(b)? A 403(b) is an employer sponsored retirement savings plan that allows you to save pre-tax dollars for your retirement. A Roth 403(b) permits only after-tax contributions but allows you to diversify your tax risk by letting eligible participants make tax-free withdrawals after retirement. The IRS limits the amount you can contribute each year Participants can contribute up to $17,500 for 2014. This limit is applicable if you're under age 50 as of December 31st  More...
  • 8. How do I transfer my IRA from one financial institution to another?
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    Terms of Use A rollover is when you withdraw funds from an IRA or plan and contribute those funds to the same or another IRA or plan. A trustee-to-trustee transfer (often called a direct transfer or direct rollover) is when you never receive the IRA or plan funds. They are transferred directly from one financial institution to another without you ever touching the money. The general rule is that when you take a distribution from an IRA (or other tax-deferred retirement account) that you in  More...
  • 9. What is the difference between a Conversion Roth IRA and a Regular Roth IRA?
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    Terms of Use: A Conversion Roth IRA is defined as 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 convert assets into a Roth IRA. Contributions are permitted until April 15th for the prior tax year.
  • 10. Can I roll over a 401(k) distribution to a Roth IRA?
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    Terms of Use: Not directly, but you can roll over a 401(k) distribution to a Traditional IRA and then convert to a Roth IRA.
All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.

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