IRA's

"CD Alternatives" | IRA's | Mutual Funds

Traditional
Traditional IRA's provide individuals the ability to defer all or part of their earned income in the form of contributions into an IRA account and take a deduction when applicable. These contributions are limited to 100% of earned income or the dollar amount indicated in the chart below, whichever is less. Before you decide to make an IRA contribution, remember that there are income limits for taking a deduction, and you must be under 70� years old to contribute to a Traditional IRA.

If the deduction is not permissible, you are still eligible to make a non-deductible contribution to a Traditional IRA. The IRS provides guidance on how much of your contributions can be deducted, if any, and how to report non-deductible contributions. In addition to making contributions to your own Traditional IRA account, a contribution on behalf of your non-working spouse can also be deposited into his or her own Traditional IRA account based on your earned income.

Establishment & Contribution Deadline Date: Normally April 15th for the preceding tax year, tax-filing extensions are not included.

Age When Contributions Must Cease: The year you turn 70 �.

Distributions: Must begin the year following the year in which you turn 70 �.

Transfers: Unlimited number is allowed/No age restrictions.

Roth IRA

These allow you to make non-deductible contributions that are the lesser of 100% of earned income or the dollar amount indicated in the chart below. Earnings are tax-free if the account is open 5 years and the withdrawal is taken after you turn 59 �. There are certain eligibility requirements for establishing a Roth IRA, based on your Adjusted Gross Income (AGI). Eligibility phases out for individuals with AGI of more than $95,000 and for joint filers with AGI of more than $150,000.

Establishment & Contribution Deadline Date: April 15th for the preceding tax year, no tax filing extensions included.

Age When Contributions Must Cease: None.

Distributions: None mandated.

Transfers: Unlimited number allowed/No age restrictions.

Roth Conversions - allows you to transfer the money you have saved in your Traditional IRA into a Roth IRA by having you pay taxes on the assets in the year you convert. You would pay these taxes in the future when you started taking money from your Traditional IRA. These assets then grow tax-free after conversion.
We do not provide tax or legal advice. It is recommended that you consult with a tax-planning professional regarding your personal tax situation.
Business Retirement Plans - We offer a wide variety of business retirement plans, including SIMPLE IRAs, SEP IRAs, and Keoghs. For more information on these and other business retirement plans, please be sure to visit our special section on Business Retirement Plans.

Rollover IRA

Rolling over your assets from an employer plan directly into an IRA can help you avoid certain taxes and withholdings for which you might otherwise be liable. We can help you roll over funds from a wide range of plans, including 401(k)s, 403(b)s, Employee Stock Ownership Plans (ESOPs), Profit Sharing and Money Purchase Pension Plans, and Thrift Savings Plans.

IRA for Minors

IRA for Minors provides adults with the opportunity to establish an IRA for children with earned income. This account is established as a Traditional IRA or a Roth IRA. Contributions are limited to the amount indicated in the chart below. However, it is important to remember that contributions cannot exceed the child�s earnings for that year. This account is managed by the custodian for the benefit of the child (the custodian does not have to be the parent). Funds in the account belong to the child and must be turned over to the child at the age of majority (varies statewide, depending upon state law).

Bob Adams, CLU
Adams Insurance & Investment Strategies LLC.
P.O. Box 1855
Dover, NH 03821
Tel: 603.842.4333
Fax: 207.636.8200

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