Making the Most of IRA Opportunities

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1 Making the Most of IRA Opportunities

2 Why Is Saving for Retirement So Important? Increasing life expectancies mean more time spent in retirement. Aging population puts added strain on Social Security and Medicare. Personal savings are becoming a priority. Plan now you could spend more than a third of your life in retirement!

3 Today We ll Discuss Traditional IRAs Roth IRAs To convert or not to convert Which IRA is best for you

4 Traditional IRAs Potential deductibility of contributions Increased income limits for IRA deductibility Tax deferral on investment earnings Withdrawals and penalties The rollover advantage

5 Is Your Traditional IRA Contribution Tax Deductible? Whether you can deduct your traditional IRA contribution depends on your: Income level Marital status Coverage by an employer-sponsored retirement plan

6 The Power of Tax Deferral* Compare the results of investing $100 per month in an investment taxed at 25% vs. one that is tax deferred. Withdrawals from the tax-deferred account will be taxed at thencurrent rates and may be subject to a 10% additional federal tax if withdrawals are taken before age 59½. *This chart shows the results of $100 monthly investments for 30 years in a tax-deferred account vs. the same investments taxed at 25%. Example assumes an 8% rate of return, compounded monthly. These examples are for illustrative purposes only. There is no assurance that similar returns will be achieved. The hypothetical rates of return used do not reflect the deduction of the fees and charges inherent to investing. Your results will vary.

7 The Power of Time* Investor A invested $100/month for 10 years. Investor B started 10 years later and invested $100/month for 30 years. $185,320 $150,030 Account value at age 65 Total contributions $36,0000 $12,000 Investor A Investor B *These are hypothetical investments used for illustrative purposes only and are not an indication or guarantee of the actual return on any investment. Example assumes contributions plus 8% annual return on investments, compounded monthly.

8 Withdrawals and Penalties Traditional IRAs Penalty-free withdrawals can be made beginning at age 59½. Mandatory withdrawals must begin after reaching age 70½.

9 Some Early Withdrawals Are Penalty Free Qualified education expenses First-time home purchase ($10,000 lifetime limit) Certain medical expenses Death, disability, or substantially equal periodic payments

10 The Rollover Advantage* Keep your retirement money working when you retire or change jobs Preserve your money s tax-deferred status with a direct rollover Access a broad range of investment choices *Note: Restrictions, limitations, and fees may apply.

11 Roth IRAs Tax-free withdrawals Some early distributions allowed No tax-deductible contributions Lifelong contributions No mandatory distributions

12 Who Is Eligible to Contribute to a Roth IRA? In 2016, to be eligible for Your AGI must be A full contribution $184,000 or less (if you are married filing jointly) $117,000 or less (if you are single) A partial contribution Between $184,000 and $194,000 (if you are married and filing jointly) Between $117,000 and $132,000 (if you are single)

13 The Roth IRA as an Estate Planning Tool No minimum distribution requirement at age 70½ Assets can be passed on to heirs tax free

14 Converting a Traditional IRA to a Roth IRA Income restrictions on converting a traditional IRA to a Roth IRA have been permanently lifted. Income taxes are due on earnings and deductible contributions. No early withdrawal penalty applies.

15 To Convert or Not to Convert Consider each option carefully before deciding which IRA is best for you: How long until you plan to retire? Are your current IRA contributions tax deductible? Do you expect to be in a higher tax bracket when you retire? Will you need to begin withdrawals at age 70½?

16 Investor Scenario #1* Jane and Mike contribute $11,000 a year to a traditional IRA. Combined AGI = $64,000 Full deduction allowed *This example is hypothetical and is not intended as investment advice. Consult your financial professional with questions about how it relates to your financial situation.

17 Investor Scenario #2* Derek and Jeanette contribute $11,000 to a traditional IRA. Combined AGI = $100,000 To calculate their deduction: ($11,000 - excess AGI **) /$10,000 x maximum allowable IRA contribution ($11,000 - $2,000 = $9,000) $9,000/$10,000 = x $11,000 = $9,900 They can deduct approximately $9,900. *This example is hypothetical and is not intended as investment advice. Consult your financial professional with questions about how it relates to your financial situation. **Excess AGI is the amount by which your AGI exceeds the threshold for a full deduction.

18 Investor Scenario #3* Kim s AGI is $119,000. She can make a partial contribution to a Roth IRA in She cannot deduct contributions to a traditional IRA. She contributes to a Roth IRA for the promise of future tax-free distributions. *This example is hypothetical and is not intended as investment advice. Consult your financial professional with questions about how it relates to your financial situation.

19 Which IRA Is Best for You? Each has its own pros and cons Depends on your personal situation Consult a financial advisor

20 Employer-Sponsored Plans Can help reduce taxes you pay now while building a nest egg. May have higher annual contribution limits. Consider contributing the maximum to your employer s plan first.

21 The Retirement Savings Hierarchy Contribute the maximum to your employer-sponsored plan, then contribute to an IRA. Weigh the potential benefits of contributing to a Roth IRA. Finally, consider tax-deferred annuities or other investment vehicles.

22 Parting Thoughts

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