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  • 1. What is the difference between a Traditional IRA and a Roth IRA? Views: 26
    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...
  • 2. What is a 403(b) plan and who is eligible to contribute? Views: 24
    Terms of Use: A 403(b) plan is a retirement savings plan for employees of public schools and certain tax-exempt organizations — as determined by Section 501(c)(3) of the Internal Revenue Code. In a 403(b) program, you have the opportunity to contribute pre-tax dollars, reducing your taxable salary, and both your contributions and earnings grow tax-deferred until they are withdrawn. Section 501(c)(3) organizations include: Nonprofit organizations that are exempt from income tax under sectio  More...
  • 3. When am I required to begin taking distributions from a Traditional IRA? Views: 22
    Terms of Use: You are required to begin taking distributions from a Traditional IRA by April 1st of the year after you turn 70 1/2.
  • 4. What is the difference between a Conversion Roth IRA and a Regular Roth IRA? Views: 21
    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.
  • 5. What's the maximum contribution to a Roth IRA? Views: 20
    Terms of Use: The maximum allowable contribution to a Roth IRA depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs. Please see the IRS web site for more information.
  • 6. Are all distributions from a 401(k) subject to the 10% early withdrawal penalty? Views: 19
    Terms of Use: Generally yes , but there are situations where the IRS will waive the 10% early withdrawal penalty. Your un-reimbursed medical costs exceeds 7.5% of your income. There is a Qualified Domestic Relations Order (QDRO) from the courts that mandate funds from your account go to a former spouse, child, or dependent. You have elect a Section 72(t) retirement distribution. You are totally disabled. You’ve separated from service and were at least 55 years of age when you did so. You have di  More...
  • 7. Will Social Security be there for me when I retire? Views: 18
    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...
  • 8. What is a Traditional IRA? Who can contribute and what are the limits? Views: 18
    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...
  • 9. Can my spouse and I have separate Traditional IRAs? Views: 18
    Terms of Use: Yes, Traditional IRAs are individual retirement accounts, available to both you and your spouse. IRA rules allow normal contributions even if only one spouse is earning income, so long as you meet the income limitations.
  • 10. Can I access the money in a Roth IRA before I retire? Views: 18
    Terms of Use: Yes, contributions to a Roth IRA may be withdrawn tax- and penalty-free at any time, for any reason. After the IRA has been established for five years, earnings on contributions may be withdrawn tax- and penalty-free, provided the owner meets any of the following specifications: has reached age 59½, has become permanently and totally disabled, is deceased, or is withdrawing the funds for first-time home purchase. First-time home purchase withdrawals are limited to a maximum wit  More...
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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