Basics of IRAs ING FINANCIAL SOLUTIONS. Your future. Made easier. SM

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1 Basics of IRAs t FDIC/NCUA Insured t A Deposit Of A Bank t Bank Guaranteed May Lose Value t Insured By Any Federal Government Agency ING FINANCIAL SOLUTIONS Your future. Made easier. SM

2 Traditional IRA The effect of tax-deferred compounding Investing in a Traditional IRA can be an important step towards planning for a comfortable retirement. Some people find investing in a Traditional IRA beneficial because of its tax advantages. It can also serve as a good retirement vehicle for a rollover after leaving an employer sponsored plan. This type of IRA grows tax-deferred and is taxed as ordinary income upon withdrawal. The tax deferral allows your earnings to compound to a larger amount than if they were taxed annually. Another benefit of investing in a Traditional IRA is some or all of your contributions may be tax deductible. Your ability to deduct your contributions is determined by both your income level and participation in an employer-sponsored retirement plan. This tax deduction could help lessen your immediate tax liability.* Initial Investment $100,000 Rate of Return 8.00% Tax Rate 31.0% The chart is hypothetical and is not intended to reflect the performance of any particular investment. The results of investing $100,000 of qualified assets into taxable and tax-deferred investments are compared. It does not reflect any applicable deductions for annual administrative charges or specific portfolio management fees, which would reduce the return, for the taxable or tax-deferred investments. The chart assumes a 31% tax rate applied each year to the taxable investment. Withdrawals of taxable amounts will be subject to income tax and, prior to age , may be subject to a 10% IRS penalty tax. In this case, if the tax-deferred investment was withdrawn in a lump sum after 25 years and taxed at the 31% rate, the net value would be $472,545. The investment and investment gains will be taxed at withdrawal. However, it is not reflective of the charges applicable to this program. These charges would reduce the return for the tax-deferred investments. Lower maximum tax rates on capital gains and dividends would make the investment return for the taxable investment more favorable, thereby reducing the difference in the performance between the accounts posted. Consider your personal investment time horizon as well as your current and anticipated income bracket when making an investment decision, as these may further impact the results of this illustration. Bear in mind that the changes in tax rates and tax treatment of investment earnings may impact the comparative results. Basics of IRAs

3 How can I fund a Traditional IRA? A Traditional IRA can be funded with annual contributions (subject to limits) or a rollover from: Another Traditional IRA An employer s qualified retirement plan A deferred compensation plan of a state or local government (section 457 plan) A tax-sheltered annuity (section 403(b) plan) How much can I contribute to a Traditional IRA? An individual (or spouse) may contribute up to the lesser of the allowable annual contribution or their total earned income. For 2010, the allowable annual contribution to a Traditional IRA is $5,000 per person with an additional $1,000 allowed if over age 50. When can I withdraw assets from a Traditional IRA? Once you reach age , withdrawals can be taken without penalty. Distributions prior to age are called early distributions. Unless an IRS-approved exception applies, early distributions will be subject to a 10% penalty. You must receive at least a minimum amount for each year starting with the year you reach age If you do not receive that minimum amount in your year, then you must receive distributions for your year by April of next year. Traditional IRA at a Glance 2010 IRA Limits Traditional IRA Contribution IRA contribution (under age 50): $5,000 IRA contribution (age 50 or over): $6,000 Phaseout for deducting IRA contribution (qualified plan participant): Joint: $89,000-$109,000 Single or Head of Household: $56,000-$66,000 Phaseout for deducting spousal IRA: $167,000-$177,000 Tax-deductible contributions Tax-deferred growth of earnings Minimum withdrawals required by age *Neither ING, its affiliated companies or representatives offer legal or tax advice. Consult with your tax and legal advisors regarding your individual situation. Beneficiaries can distribute over life expectancy ING Financial Solutions 1

4 Roth IRA Several key benefits make the Roth IRA a good retirement savings vehicle. One benefit is that Roth IRA contributions are made on an after-tax basis, meaning all the dollars you invest in a Roth IRA you keep. Another advantage of the Roth IRA is that you re not required to take withdrawals at any point, and when you do make withdrawals, the money withdrawn may be tax free. If you have earned income and are below the Adjusted Gross Income eligibility limits, you can contribute to a Roth IRA. Also, unlike a Traditional IRA, you can make contributions at any age, which gives the Roth IRA a tremendous amount of flexibility. How much can I contribute to a Roth IRA? An individual (or spouse) may contribute up to the lesser of the allowable annual contribution or their total earned income. For 2010, the allowable annual contribution to a Roth IRA is $5,000 per person with an additional $1,000 allowed if over age 50. How can I fund a Roth IRA? A Roth IRA can be funded with annual contributions (subject to limits), a rollover from another Roth IRA, or a Roth conversion from: A Traditional IRA An employer s qualified retirement plan A deferred compensation plan of a state or local government (section 457 plan) A tax-sheltered annuity (section 403(b) plan) Roth IRA Contribution 2010 Roth IRA Limits Roth IRA contribution (under age 50): $5,000 Roth IRA contribution (age 50 or over): $6,000 Phaseout of Roth IRA contribution eligibility: Joint: $167,000-$177,000 Single or Head of Household: $105,000-$120,000 Filing Separate: $0-$10,000 Basics of IRAs 2

5 When can I withdrawal assets from a Roth IRA? Withdrawals from a Roth IRA can be made at any time. When you withdraw money from a Roth IRA, the distribution will either be considered qualified or not qualified. If you receive a distribution that is not a qualified distribution, part of it may be taxable. The chart below can help you decide if your withdrawal would be considered a qualified distribution or not: Roth IRA at a Glance Start Here Qualified distributions are tax-free Has it been at least 5 years from the beginning of the year in which you first set up and contributed to a Roth IRA? Potential tax-free withdrawals Were you at least years old at the time of the distribution? Contributions permitted after age Is the distribution being used to buy or rebuild a first home? Contributions may be withdrawn at any time Is the distribution due to your being disabled? Beneficiaries can distribute over life expectancy Was the distribution made to your beneficiary or your estate after your death? The distribution from the Roth IRA is a qualified distribution. It is not subject to tax or penalty. The distribution from the Roth IRA is not a qualified distribution. It may be subject to tax and/or a penalty. From IRS Publication 590: Individual Retirement Arrangements ING Financial Solutions 3

6 Should I Invest in a Traditional IRA or Roth IRA? This question is one that must be answered on an individual basis. Some people may find themselves favoring a Traditional IRA, while others would benefit more from the Roth IRA. In addition to consulting the chart below, consider the following: If you answer yes to the majority of these questions, a Roth IRA may be an appropriate retirement savings vehicle. Am I below the income limits to make a Roth contribution? Am I above the income limits to deduct a Traditional IRA contribution? Would I rather have tax-free growth instead of an immediate tax deduction? Will my tax rate be higher in retirement than it is now? Will I need to access my contributions prior to ? Tax-deductible contributions Traditional IRA Please be sure to consult your tax advisor as there may be other influencing factors not covered here. Roth IRA Tax-deferred growth of earnings Potential tax-free withdrawals Contributions permitted after age Contributions may be withdrawn at any time Minimum withdrawals required by age Beneficiaries can distribute over life expectancy Basics of IRAs 4

7 ING Financial Solutions 5

8 For more information please contact: Your Financial Professional or ING Customer Contact Center You should consider the investment objectives, risks, charges and expenses of the mutual funds offered through a retirement plan, carefully before investing. The prospectuses contain this and other information, and can be obtained by contacting your local representative. Please read the prospectuses carefully before investing. ING National Trust is the custodian for ING Select Advantage IRA Mutual Fund Custodial Accounts. ING Select Advantage IRA mutual fund retirement programs are distributed by ING Financial Advisers, LLC (member SIPC), One Orange Way, Windsor, CT or other broker-dealers with which it has a wholesaling or selling agreement. Both are members of the ING Family of companies. ING Financial Solutions is the marketing name for the ING family of companies referenced ING rth America Insurance Corporation cn /14/2009

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