Traditional and Roth IRAs

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Posted on 27th July 2011 by Rita in Annuities |Retirement and Estate Planning

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What is an IRA?

  • IRA stands for: Individual Retirement Account.
  • Basically an IRA is a savings account providing big tax breaks and making it an excellent savings vehicle for your retirement cash.
  • Introduced in 1974 under the Employment Retirement Security Act and for a time was restricted to workers who did not have coverage with a qualified employment based retirement plan. This changed in 1981 with the Economic Recovery Tax Act, allowing all taxpayers under the age of 70½ to contribute to the IRA.
  • There are several different types of IRAs: Traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs.

What is a Roth IRA? (more…)

SEP & SIMPLE IRAs

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Posted on 26th July 2011 by Rita in IRA |Retirement and Estate Planning

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What is a SEP IRA? 

  • Simplified Employee Pension Individual Retirement Account
  • A version of the IRA adopted by self-employed persons, and business owners.
  • Gives the self-employed person away to fund their retirement programs with pre-tax dollars as if under a (more…)

Starting a new job? Leaving an old job? Have you contributed to a 401k plan?

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Posted on 10th December 2010 by Rita in 401k |IRA |Retirement and Estate Planning

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Retirement Options

If so… you have four options when leaving an employer where you have contributed to their 401k plan.

  1. Keep it in your current plan

  2. Transfer current 401k plan to new 401k plan with new employer

  3. Cash out your 401k

  4. Rollover – Move it to another qualified retirement account.

(more…)

What is an Inherited IRA?

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Posted on 20th November 2009 by Rita in IRA |Retirement and Estate Planning

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Inherited IRA aka: Beneficiary IRA

An Inherited IRA is an individual retirement account (IRA) that is left to a beneficiary after the owner’s death and usually are received from a parent, but can be from anyone other than your spouse.

IRAs are among the largest assets left to beneficiaries. Since Inherited IRAs are specifically (more…)

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