11 Things You May Not Know About Retirement Accounts

I don't know you personally (yet), but my guess is that you own an IRA or employer-sponsored retirement account such as a 401(k) or 403(b). Such accounts are where the majority of Americans hold their longterm savings. However, like anything governed by the Congress and the IRS, there are plenty of rules, exceptions, and quirks. Here are some lesser-known facts about retirement accounts.

1. The deadline for 2011 IRA contributions is April 17, 2012.
It's too late to make a 2011 contribution to your 401(k), but you have until the tax-filing deadline to contribute to an IRA. That's usually April 15, but it's been extended to April 17 this year since April 15 falls on a Sunday, and April 16 is Emancipation Day in the District of Columbia (as well as the birthday of Peter Billingsley, who played Ralphie in A Christmas Story, but I don't think the IRS cares about that as much).

2. Contribution limits are up for 401(k)s, not for IRAs.
The most you can contribute to an IRA in 2012 is the same as the limits for 2011: $5,000, with an additional $1,000 for those age 50 or older. However, the amount you can contribute to a 401(k) has been increased to $17,000, with an extra $5,500 for the 50-and-older crowd. So if you maxed out your 401(k) in 2011 and want to contribute the max this year, you'll need to increase your paycheck withholding.

3. If you have a job, or are married to someone who does, you can contribute to an IRA.
There are lots of rules about who can contribute to which kind of IRA, how much can be contributed, and the tax treatment of those contributions. Spelling that out would take a whole other post. But here's the crucial starting point: You must have earned income — i.e., get paid to do a job — to be able to contribute to an IRA. The only exception is a spouse who is married to someone with a job, who would then be eligible for the so-called “spousal IRA.” This also means that a kid who is earning money can contribute to an IRA (though it's a bit more complicated, since it might take more work to document something like babysitting income).

However, some people think that if they're not eligible for a Roth IRA of deductible traditional IRA, then they can't contribute to an IRA at all. Not true. You can still contribute to a non-deductible traditional IRA, which will grow tax-deferred — i.e., you don't pay taxes on any investment earnings until you make withdrawals. Just make sure to document how much you contributed because that money will come out tax-free.

(For those who want more information about income and eligibility numbers for IRAs, here are some of the IRA guidelines for 2011, and here are some of the guidelines for 2012.)

4. Improve your investment choices.
The typical employer-sponsored retirement account offers so-so investment choices and charges too much for the privilege. Fortunately, you may not be stuck with those lousy and overpriced investments. Here are some options:

  • If you no longer work at the company, transfer the money to a low-cost IRA.
  • Many retirement plans offer a brokerage window, which allows employees to buy individual stocks, exchange-traded funds, and other mutual funds.
  • Some plans allow for in-service distributions, which allow employees to transfer money to an IRA while still working for the company.

Also, your company may have a benefits committee, or at least a group of folks who occasionally think about the retirement plan (typically, the human resources folks and perhaps the CFO). You can agitate for better investment options, a brokerage option, or even a completely different plan. We went through this process a few years ago at The Motley Fool, and believe me, it's worth it.

5. You can pay annual IRA fees with non-IRA money.
Many IRA providers charge an annual account fee, which is automatically taken from your account assets. But you can instead send a check to the custodian and leave more money in the IRA to grow through the years. (Contact your provider for details.) Unfortunately, you can't use non-IRA money to pay other costs, such as commissions and mutual fund expenses.

6. Get the money before age 59 1/2.
Because Uncle Sam wants us to save for retirement, IRAs and employer-sponsored accounts come with several tax advantages. To encourage us to actually use this money for retirement, Uncle Sam will make you pay a 10% penalty if you tap the account before age 59 ½. While leaving the money alone until you retire is definitely the smartest strategy, the truth is that sometimes people need the money before they reach their 60s. Here are several exceptions to the 10% penalty (though, in many cases, the withdrawals will still be taxed).

  • Contributions to a Roth IRA (not earnings) can be withdrawn any time, tax- and penalty-free. However, early distributions from a Roth 401(k) are a proportional mix of contributions and earnings, so some of the withdrawal may be taxed and penalized.
  • You may be able to make penalty-free withdrawals from your last employer's plan if you retire at age 55 or older.
  • Under rule 72(t), you can make substantially equal periodic payments (SEPPs) at any age by agreeing to take out a certain amount each year until you turn 59 1/2 or for five years, whichever is longer.
  • IRA assets used to pay for qualified higher-education expenses — such as tuition, fees, books, and room and board — are exempt from the 10% penalty. Note that this applies to IRAs only, and not employer-sponsored accounts such as 401(k)s and 403(b)s. Also, these distributions are counted as income on the tax return, which could affect financial aid eligibility in the subsequent year.
  • You can use your IRA to help put a roof over your head, as long as you're considered a first-time buyer, which, according to the IRS, includes anyone who hasn't owned a home in the past two years. There is a $10,000 lifetime limit on what can be withdrawn penalty-free, but that limit is applied per person, so married couples can withdraw up to $20,000.

You also might be able to escape the 10% penalty if withdrawals are used for un-reimbursed medical expenses; health insurance if you're unemployed; or living expenses if you're disabled. The rules around these exemptions are more complex, though, so do plenty of research first.

7. You can invest in “alternative investments,” but tread carefully.
Retirement accounts are not limited to stocks, bonds, and mutual funds. You may be able to use your retirement savings to invest in options, real estate, small businesses, and collectibles; I've even met someone who works for a 401(k) provider who claims they have a client who has invested in Babe Ruth memorabilia. The trick is to find a custodian that will allow such investments. You'll have to go beyond the usual brokerages and mutual fund companies and find a company (often a bank) that specializes in such arrangements, which are often referred to as “self-directed IRAs.” That said, many promoters of these arrangements turn out to be frauds. Using your retirement-account money for such arrangements is much more complicated, and risky. Caveat emptor and all that.

8. Use the Roth as an estate-planning tool.
Let's say you're still working, but you've already saved enough for retirement and would like to help your kids, grandkids, or favorite Get Rich Slowly contributor. One option is to contribute to a Roth IRA and name your relative(s) as beneficiaries. When you retire from this world to the next, your heirs will receive that money income tax-free (although it may be subject to estate taxes).

There are a few reasons a Roth IRA is better than a traditional IRA for this purpose. You can't contribute to a traditional IRA past age 70, even if you're still working. In fact, at that point, you must begin taking money out, which is known as a required minimum distribution (RMD). The scenario is a bit different with a Roth; there's no age limit and no RMDs. Plus, heirs must pay income taxes on inherited traditional IRAs.

9. Protect assets with retirement accounts.
The money in your employer-sponsored retirement account most likely can't be lost to bankruptcies or lawsuits. In most cases, the same goes for IRAs, up to $1 million.

10. Inherited retirement accounts can get very complicated.
This is another one of those topics that would take several hundred words to explain, and you'd never make it to the end because you'd pass out from boredom and ennui (if you haven't already). But there are lots of quirks about inherited retirement accounts. Just one example: If you inherit an IRA — even a Roth IRA — you may be required to take annual minimum distributions, even if you're seven years old (and good for you for reading this post at such a young age).

If you inherit a retirement account, it might be smart to see a qualified professional to get guidance — perhaps from an accountant or financial planner who works by the hour (such as the folks at the Garrett Planning Network). You can also find good information at IRAHelp.com and Fairmark.com.

11. Have Uncle Sam fund your IRA.
Getting a tax refund? You can instruct the IRS to send it directly to your IRA.

More about...Retirement, Taxes

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MoneyforCollegePro
MoneyforCollegePro
8 years ago

I did not know that you could send money directly to an IRA from a tax refund. I wish more people would do that as opposed to getting the RAL loans from their tax preparer!!

Eric J. Nisall - DollarVersity
Eric J. Nisall - DollarVersity
8 years ago

It’s been an option for a little while now. I totally agree, it’s a complete waste to do one of the RALs, especially when a couple of the chains have already settled class-action lawsuits concerning their practices.

Another thing that people may not know goes along with #5. If you pay the custodial fees for IRAs with outside money, it can go on your Schedule A as part of your investment expense deduction, which provides a bit more reason to make the payment from non-IRA funds for some people.

SB @ One Cent At A Time
SB @ One Cent At A Time
8 years ago

If you file electronically and furnish your bank account details, refund can be expected in at most 3 weeks in your bank. Why do people need RAL loan for 3 weeks? yeah, similar to pay day loans. As bad decision as it could be!

Brian @ progressivetransformation
Brian @ progressivetransformation
8 years ago

Retirement finding confuses me. I just got married, am in graduate school, and have money in a retirement account including a beneficiary account. At this point I have so much going on I leth financial advisor do the adding, I luckily trust him.

Why is retirement planning and investing so confusing?!

A-L
A-L
8 years ago

Thanks for this info. I just have some questions about the in-service contributions. Is that a decision made by the employer, or the vendor offering the plan? And if it’s the vendor, is there a list of companies that typically offer the in-service transfer option? And are there any disadvantages to transferring money from the 401/403 to an rollover IRA?

Robert Brokamp
Robert Brokamp
8 years ago
Reply to  A-L

For the most part, the option to do an in-service distribution is up to the employer.

As for rolling over employer plan money to an IRA, it’s generally a very good idea, since you’ll have more investment options at lower costs in most circumstances. But it really depends on the quality of the plan, and what kind of investor you are.

PawPrint
PawPrint
8 years ago
Reply to  A-L

My husband just did an in-service rollover to take advantage of better options because the new options for the employee 401(k) weren’t great. Now he’s more diversified and was able to take advantage of dividend paying options. He still contributes the maximum to the employer’s 401(k), and he’ll roll it over at some point again. I don’t think there’s a limit on the number of rollovers an employee can do, but I’m not sure about that??

Rosa
Rosa
8 years ago

Since I quit my job and got married this year, I’ve been wondering about the spouse IRA – do I have to open a separate Roth for 2012, or can I just contribute to my regular one, under the spouse rules?

mary w
mary w
8 years ago
Reply to  Rosa

Rosa – You can contribuate to the same Roth IRA account.

Rosa
Rosa
8 years ago
Reply to  mary w

Thank you! Last time I wasn’t working, we weren’t married, so I couldn’t contribute at all. It’s good to know that won’t be true next year.

fantasma
fantasma
8 years ago

I am actually excited about Roth IRA’s.

This is the first year I can actually allocate money towards opening one up!

There’s nothing like debt free.

Nicole
Nicole
8 years ago

If I am setting up an ira for the first time through a rollover, how do I find a “low cost” option? Just ask for that at my credit union?

Nick
Nick
8 years ago
Reply to  Nicole

@nicole – many discount brokers like Fidelity, Vanguard and TD Ameritrade offer low or no-cost IRAs. I would contact them and ask what their fees are. I believe Scottrade has no opening or maintenance fees and no minimum annual contribution requirements, for example. TD Ameritrade also has the same no fee policies, I believe.

Ely
Ely
8 years ago
Reply to  Nicole

I went with Vanguard for my rollover since their fees were low (none with >$10k deposit) and their expense ratios are the best.
I opened a Roth IRA with T. Rowe Price since they were the best I could find that I could get for less than $3000 startup; they offer $50/mo contributions, as long as you set up automatic payment. Both have tons of options and low fees.

Jasmine
Jasmine
8 years ago

What if you live abroad and earn money? Can you still pay into a Roth IRA?

Jenessa
Jenessa
8 years ago
Reply to  Jasmine

I contributed to my Roth IRA both years that I was working in New Zealand. It was the only way I was able to put any retirement money away for that time.

Holly
Holly
8 years ago

Questions, questions, and more questions about retirement funding!

I have tried to get our MetLife advisor to find out whether or not we can open a deductible traditional IRA (based on our combined 2011 income as well as DH receiving a pension, we are trying our best to reduce our taxable income). That was back in August…he still hasn’t answered me back!

Petunia 100
Petunia 100
8 years ago
Reply to  Holly

It actually isn’t the IRA which is deductible or not, but the contributions.

If you have earned income, yes, you can contribute to a traditional IRA. If you want to deduct those contributions, it depends.

If you are covered by a retirement plan at work, see this chart:

http://www.irs.gov/retirement/participant/article/0,,id=188235,00.html

If you are not covered by a retirement plan at work, see this chart:

http://www.irs.gov/retirement/participant/article/0,,id=188237,00.html

Holly
Holly
8 years ago
Reply to  Petunia 100

Great, thanks!

Beth
Beth
8 years ago

Interesting! I don’t know much about U.S. retirement account options, so it’s interesting to see how they compare to Canada’s.

As for #11, I think if people stopped viewing their tax returns as “found money” they’d be more inclined to save it. (Or adjust their withholding.) It isn’t Uncle Sam’s money — it’s YOUR money.

Well Heeled Blog
Well Heeled Blog
8 years ago

That tidbit about the inherited IRAs are interesting.. I don’t expect to inherit any IRAs, but if I manage to pass on an IRA to my kid AND he/she is smart enough to read a PF blog at age 7, I’d probably be very proud… or afraid! LOL.

Heather
Heather
8 years ago

As to #9, I wouldn’t count on that money being untouchable by creditors. It varies state to state.

Catherine
Catherine
8 years ago

I’m 25 and going to grad school in the fall. I don’t know where yet; the cost will be between $40,000 and $90,000 for two years tuition (plus living expenses which will range from virtually nothing at the expensive school to I don’t know what if I move for a cheaper school). I opened a Roth IRA last year and contributed $5,000, and have $5,000 in savings for emergencies. I don’t make a lot of money, but I can probably save another $6,000 between now and the time I start school. Should I forgo funding my IRA this year in… Read more »

Shane
Shane
8 years ago
Reply to  Catherine

Having money saved in an emergency fund while having student loans does make sense. If something happens where you are no longer able to work, or have medical bills, that account will be there to help you instead of having to take on more loans.

On the positive side, when it does come time to pay off your loans, you can do so rapidly with higher payments, as you don’t have to worry about emergency expenses.

Nate
Nate
8 years ago
Reply to  Catherine

Hey! Why are you going to grad-school? Have you projected how much your income might [will] increase? Don’t make the assumption that more education is always the answer. There is a HUGE opportunity cost in going to grad school for 2 years while only working part time. In other words you would have probably made a lot more money during the next 2 years working full time (and learning/gaining workplace skills) instead of going to school. I need more information for you here — but from high level PLEASE don’t make the assumption that going to grad school is always… Read more »

Catherine
Catherine
8 years ago
Reply to  Nate

Thanks for your reply! I have given it a lot of thought, and it’s a definitely good decision for me.

The debt is scary. But I’m simultaneously a natural saver who LOVES spreadsheets and expense-tracking, and yet I also don’t care much about money as long as I’m secure. When something’s worth doing, I find a way to make it work.

Nate
Nate
8 years ago

This post was full of outstanding advice about how retirement accounts tick — thank you very much Robert! I almost missed #11 — glad I looked @ the post again — I like the idea of having the tax return sent to the IRA before I get my spendy hands on it 😉

BK
BK
8 years ago

#8. Use the Roth as an estate-planning tool.

#10. Inherited retirement accounts can get very complicated.

If you use the Roth-IRA as an estate-planning tool, is it very complicated to pass on to your kids?

Steve
Steve
8 years ago
Reply to  BK

I think the contradiction in the article was intended. ‘Inherited accounts can get very complicated, except the Roth which is relatively simple.’

liz
liz
8 years ago

I’d like to hear more about Roth IRA’s as a long term savings vehicle, for things such as kids college education or down payment on a house – it has easier withdrawal rules than other methods, correct? I’m not advocating withdrawing from retirement for minor things – but I like that idea that you can get at the money if you need it or if the mindset is that it will also be used for college etc. Its my (limited) understanding that you can take out your contributions, just not your earnings? probably with 100 other if-and-or buts.

elysia
elysia
8 years ago

My husband & I each have a Roth IRA with practically no money in it. We were advised to start them years ago (750 in my husband’s, 500 in mine – original contribution), and we’ve never been able to contribute more (I know this is stupid, we are trying to fix it). At present, I’m much more invested in getting out of debt, those accounts in something like 9 years have earned literally NO MONEY, partly because they take out that fee (I did NOT know I could pay that separately – it’s a ridiculous $25 a year each, how… Read more »

chacha1
chacha1
8 years ago
Reply to  elysia

I would definitely close those Roth accounts. If all you did was make an initial contribution and there’s no earnings on it, cashing them out generates no tax liability or penalty. From the nature of your inquiry I’d bet the money deposited was never even invested, just stashed in a “money market” fund. Making a contribution does not equal making an investment … the investment is what you BUY with your contribution. A 529 is a better choice IMO if A) you have kids and B) you can’t afford to save much. That said, if there’s debt or no emergency… Read more »

elysia
elysia
8 years ago
Reply to  chacha1

There were actually two contributions from me and three into my husband’s before we were like, this makes no sense! So mine’s in MFS Aggressive Growth Allocation (just checked, so is his). I’m looking at our 12/31 statements and he is $9.29 over his contribution; likely the way the market is, if we cashed it out it would be under the original amount. We do have an EF and have an aggressive debt repayment plan; this money feels like it should go to the kids’ 529s. I have another question. My company is changing 401k plans (this is the third… Read more »

chacha1
chacha1
8 years ago
Reply to  elysia

My solution was to roll my IRA (itself a rollover from a previous 401(k), like yours) into my current employer’s 401(k) *even though* I thought the employer’s investment options were mostly crap. And to cash out my Roth. For the sole reason of simplicity. IMO there is no GOOD reason to have multiple tax-advantaged retirement accounts; frankly I don’t know anybody who maxes out their contributions, and I know far too many people who use retirement accounts as their savings accounts – and it ends up costing them. Having multiple investment accounts that are NOT tax-advantaged I don’t see the… Read more »

aib
aib
8 years ago
Reply to  elysia

I agree with cha cha about the employers investment options being crap because the 401k with fidelity lets you invest in different funds that could easily have slow downward trends when the economy is like it is.

Patti
Patti
8 years ago

I am self-employed and make about $55K On the advice of my accountant, I put about $8K into a SEP IRA. He calculates it based on my income. I want to contribute as much as possible to lessen my taxes owed for 2011. I am 42. Am I over-contributing?!?

KSK
KSK
8 years ago
Reply to  Patti

Patti,

If you’re self-employed, look into setting up an individual 401K. The maximum contribution is $16,500 per year + a percentage of your profits. That gets your taxable income down considerably. I’m sure your accountant can give you a lot of good information.

abdul
abdul
8 years ago
Reply to  KSK

It does directly cut your taxes. Fidelity is widely used by many companies. Be sure to look at the different funds that are available because some are more of a risk than others. Another good thing about fidelity is that you have options to borrow against your 401k at low rates 🙂

BradB
BradB
8 years ago

The ROTH IRA is an incredible retirement tool, educational expense tool, first time home purchasing tool, etc. Even with penalties, it might be worth it for some people to roll their traditional IRA into a ROTH and then let it build in it’s tax free capacity longterm. It worked for me.

Steve
Steve
8 years ago
Reply to  BradB

Rolling a traditional IRA into a Roth does not cause any penalties! It might cause you to own some income taxes.

PFM
PFM
8 years ago

this is straight from the IRS website regarding spousal IRA, I don’t have income but my wife does so it affects me: Spousal IRA Limit “For 2011, if you file a joint return and your taxable compensation is less than that of your spouse, the most that can be contributed for the year to your IRA is the smaller of the following two amounts: $5,000 ($6,000 if you are age 50 or older), or The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts. Your spouse’s IRA… Read more »

Bareheadedwoman
Bareheadedwoman
8 years ago

sorry, anything that requires governmental permission to access personal property or fire-flaming hoops to jump through to qualify for, is not going to be a part of my investment strategy.

The governmental rules are just like a banks: they can change the terms of agreement at anytime with or without notice and the burden of compliance is on you …um…yeah.

I’ll play another game, thanks.

sora
sora
8 years ago

#29 I would love to hear what that strategy is. I contribute to 401K etc because of the tax advantage (you do not pay taxes on the contributions). If you have some other way of saving for retirement that makes more sense, please do share!

Jason
Jason
8 years ago

Nice article! The only thing that bothered me was point #11. “Have Uncle Sam fund your IRA.” lol. I know much of what bloggers do, and how they become popular, is about spin and cleverly phrasing words that compel readers to think you’ve stated something new.

However, Uncle Sam isn’t funding your IRA. That’s your money…you declared too many dependents and you’re just getting your money back. Uncle Sam didn’t do anything.

Steve
Steve
8 years ago

The only ones I didn’t know were 6) Roth 401(k) withdrawal is pro-rated. I don’t and probably never will have a Roth 401(k) – direct contributions and rolling over old 401(k)s provides more than enough Roth-type accounts for me. Tax diversification FTW. 11) That you can contribute straight from your tax refund. My wife and I typically fund our IRA’s in January of the contribution year. April is too late for us (if we even get a tax refund – which we try not to). A question about #3. You say that one can contribute to a non-deductible traditional IRA… Read more »

Jason
Jason
8 years ago
Reply to  Steve

That is correct. Non-deductible has the same IRA rules, it’s just for people that make too much money to qualify for a Roth.

abdul
abdul
8 years ago
Reply to  Jason

with the nondeductable IRA i think the benefit is free growth. So if you double your money over the years uncle sam can’t get a 28% cut off of what you made…..

Petunia 100
Petunia 100
8 years ago
Reply to  abdul

There is no such thing as a non-deductible IRA. There are traditional IRAs and Roth IRAs. Contributions to a traditional IRA can be deductible or non-deductible. Money inside a traditional IRA grows tax-free, but withdrawals are taxed as ordinary income. If you have made any non-deductible contributions, then that money comes out tax-free.

If you make any contributions which are not deductible, you need to file Form 8606 and attach to your Form 1040.

Petunia 100
Petunia 100
8 years ago
Reply to  abdul

Traditional IRAs grow tax-deferred, not tax-free.

If you have made non-deductible contributions to your traditional IRA, then that amount comes out tax-free.

Note: Each time a withdrawal is made, you must calculate the proportion which is tax-free. This amount is determined on Form 8606.

Bill at FamZoo
Bill at FamZoo
8 years ago

Don’t forget that “Family 401(k)” idea for your working teen with 2010 W-2 income – from last year’s GRS video contest: http://www.youtube.com/watch?v=uBM8Ojt5uZg

partgypsy
partgypsy
8 years ago

Where are the cat pictures? : (

tjdebtfree
tjdebtfree
8 years ago

I always see a lot of information about 401K’s – but little or no discussion about 457 retirement accounts. I have maxed mine out for the past 4 years and am still confused as to whether I can also contribute to a Roth IRA?

Petunia 100
Petunia 100
8 years ago
Reply to  tjdebtfree

You can, if your income allows it. If your income is too high, you can still do it but must do it indirectly. Open a traditional IRA, make a non-deductible contribution, then convert your traditional to a Roth. (There is no longer an income limit for conversion.)

Steve
Steve
8 years ago
Reply to  tjdebtfree

Technically a section 457 plan is not a retirement account, it is a deferred compensation plan. You can typically start withdrawing from it penalty free any time after you stop working for the employer in question. The limit is the same amount as that for a 401(k) or 403(b); however, it is a separate limit, so you can contribute (in 2012) $17k to a 401(k)/403(b), and an additional $17k to a 457. Then on top of that you can put $5k into an IRA. 401(k)s and 403(b)s share the same limit, which is to say, if you have access to… Read more »

Petunia 100
Petunia 100
8 years ago

When you hear the phrase “non-deductible IRA contribution”, remember that “non-deductible” is describing contribution, not IRA. No one can open a “non-deductible IRA”, because there is no such thing. Download an IRA application from any custodian. Look for the section asking for what type of IRA you are opening. You will see only two choices, traditional and Roth, because those are the only two kinds there are.

Before there were Roths, it made sense for many people to make non-deductible contributions.

In my opinion, this article should be edited, because it is confusing on this point as written.

aib
aib
8 years ago

I didn’t know IRA limit was so high. I like when the employer matches some on my 401k. I usually max out with the 401k but make sure that at least 3k gets into the nontaxdeferred plan.

Mike
Mike
8 years ago

Ok I need some advice here. The Company I used to work for was sold and we had a ESOP which now they are going to pay out to everyone who worked there, I had 19 years there so it is a pretty hefty sum. I need to know what I can and cannot do. I need to roll it over into something but not real sure on what direction to take.

Steve
Steve
8 years ago
Reply to  Mike

With that much money at stake you should talk to a fee-only financial planner for some advice, and probably an accountant as well.

aib
aib
8 years ago

I agree because a direct rollover would be great. There is a professional way to defer the tax burden / hit. I don’t know it but a max payment on a new IRA for 2011 as well as 2012 is what comes to my mind. Is it too late for 2011 contributions? I am not sure. This could defer over 100K.

Rhonda parker
Rhonda parker
2 years ago

I’m already retired and not a lot of money was
Put aside for our retirement but we are doing ok
And came into some money from my fathers
Estate that I would like to put somewhere to
Grow am I to old in my 60’s to open an IRA
And would that be the best choice at such a
Late age?

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