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IRA and Small Business Plans Social Security SIMPLE IRAs
What is an IRA?

An IRA isn't an investment; it's a vehicle for housing investments. It can hold stocks, bonds, mutual funds, CDs and other securities - all of which grow on a tax-advantaged basis for retirement.

Why do I need an IRA if I already contribute to my employer's retirement plan?

Retirement is likely to be your most expensive investment goal. In most cases, it takes multiple sources of income to replace your paycheck and achieve the comfortable lifestyle you desire.

Which IRA is better for me - Traditional or Roth?

Depending on your age and income, you may only qualify for one type of IRA. If you're eligible for both a Traditional and Roth IRA, your financial advisor can help you choose the better option for your situation.

Can I own more than one IRA?

Yes, but your combined contributions to all accounts cannot exceed the annual limit for a given tax year. Bear in mind that most IRAs charge annual fees. By consolidating your assets into a single account, you can eliminate duplicate costs while simplifying investment recordkeeping.

Can married couples invest in separate IRAs?

Yes. Even if one spouse doesn't work, he or she can still invest up to the annual limit as long as the other spouse earns at least as much as the combined contributions. To qualify, married couples must file joint tax returns, and each spouse's IRA must be opened and maintained separately.

What is the deadline for making IRA contributions?

You have until April 15 to make IRA contributions for the previous tax year.

Can I convert a Traditional IRA to a Roth IRA?

Yes, you can convert to a Roth IRA no matter what your age, income or tax filing status. The amount converted is subject to current year taxes. However, you may still benefit in the long run if you expect to be in a higher tax bracket during retirement or wish to delay withdrawals beyond age 70½.

Consult your financial and tax advisor for more information.

What is a Rollover IRA?

When you change jobs or retire, you can transfer the money from your employer's retirement plan to a Rollover IRA offering more investment choice and control. Direct rollovers to a Traditional IRA avoid taxes and penalties, so your entire account balance can continue growing on a tax-deferred basis.

Can I roll over my company retirement money to a Roth IRA?

Yes, you can make a direct transfer from a former employer’s retirement plan to a Roth IRA, regardless of your income. Taxes are due in the year of the rollover, but qualified withdrawals are tax-free. Note: Income limits apply to any additional Roth IRA contributions made after the rollover. Your financial advisor can tell you more.

What happens if I die before spending all my IRA money?

When you open an IRA, you name the beneficiaries who will receive your account balance in the event of your death.

How can I open an IRA and start investing?

Your financial advisor can help you complete the required forms and choose the right investments for your individual goals. For more information, call our Fund Services at 1-800-480-4111.