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  • 1. What is AGI and MAGI as it relates to IRAs? Views: 32
    Terms of Use Adjusted Gross Income (AGI) Your adjusted gross income (AGI) is the number at the bottom of page 1 on your income tax return, IRS Form 1040 or 1040A. On Form 1040EZ, adjusted gross income appears on line 4. Specifically, it's your gross income minus so-called above-the-line deductions. These include: deductible IRA contributions (as well as deductible SEP, SIMPLE and Keogh contributions) student-loan-interest deduction deductible contributions to medical savings accounts an  More...
  • 2. Why should I consider setting up a trust? Views: 31
    Terms of Use People often associate trust funds only with the wealthy. But a trust fund ( 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 ( beneficiaries ). The person creating a trust is called the grantor , donor or settlor . When a trust is established, an individual or corporate   More...
  • 3. What is a Traditional IRA? Who can contribute and what are the limits? Views: 30
    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...
  • 4. What should I know about pension plans? Views: 30
    Terms of Use: There are a variety of pension plans offered by private sector employers today. This information offers an explanation of traditional defined benefit pension plans insured by Pension Benefit Guaranty Corporation (PBGC): what they are, how they operate, and the rights and options of the workers covered by them. Table of Contents Traditional Pension Plans Predictable, Secure Lifetime Benefits Trends Pension Plan Provisions Federal Insurance For Your Pension Pension Checklist Other   More...
  • 5. Can I convert my Traditional IRA to a Roth IRA? Views: 27
    Terms of Use Yes, you can convert a Traditional IRA to a Roth IRA. Taxpayers at any income level can convert a Traditional IRA to a Roth IRA. There are some tax consequences, so be sure to consult with your tax advisor. Previously deductible contributions to the converted IRA will need to be reported as taxable income, but the Roth IRA income is tax-free.
  • 6. How much can I earn and still receive Social Security benefits? Views: 24
    Terms of Use You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, Social Security will reduce your benefit. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. The earliest you can begin receiving Social Security benefits is age 62. However, beginning at age 62 decreases the amount of Social Security benefits you   More...
  • 7. What is a 401(k) plan? Views: 23
    Terms of Use Definition: A 401(k) is a type of profit sharing retirement plan. These plans allow you to contribute pre-tax dollars and then invest those dollars in the investment options provided by your employer for the purpose of saving for retirement. The earnings on your investments are tax-deferred until retirement. Your employer may also make matching contributions to your account. 401(k) plan highlights: The annual defined contribution limit from all sources (employer and employee) is $53  More...
  • 8. Can individuals 50 or older make additional IRA contributions? Views: 23
    Terms of Use Yes. Individuals 50 and older can make an additional catch-up contribution of $1,000 in excess of the annual IRA contribution limit. Catch-up contributions to an IRA are due by the due date of your tax return (not including extensions).
  • 9. 10 steps to retirement Views: 23
    Terms of Use 1. Know your retirement needs Retirement is expensive. Experts estimate that you'll need about 70% of your pre-retirement income. Lower earners will need 90% or more to maintain your standard of living when you stop working. Understand your financial future. 2. Find out about your Social Security benefits Social Security pays the average retiree about 40% of pre-retirement earnings. Call the Social Security Administration at 1-800-772-1213 for a free Personal Earnings and Benefi  More...
  • 10. What are the three primary types of IRAs? Views: 23
    Terms of Use There are three primary types of IRAs Traditional IRA Roth IRA Education IRA (Now known as Coverdell education savings account) Please refer to the related articles on IRAs in this site for more information.
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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