Companies we
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Roth IRA
A Roth IRA is a retirement plan where contributions are not tax-deductable, but withdrawls are tax free. The advantage over a traditional IRA is that there are fewer withdrawl restrictions and requirements.
Who can contribute?
Anyone with an earned income can contribute as long as their income does not exceed modified adjusted gross income limits.
Are there contribution limits?
For 2008, workers under the age of 50 can contribute up to $5000 of their earned income. For workers 50 or older, the maximum contribution is $6000.
| Year | Age 49 and Below | Age 50 and Above |
|---|---|---|
| 2007 | $4000 | $5000 |
| 2008 | $5000 | $6000 |
Is there a contribution deadline?
Contributions to your Roth IRA account must by made by April 15th in order to qualify for a prior year contribution.
To learn more about retirement planning, or for a free second opinion on your investments Contact Us.
Elizabeth City, NC
1-800-338-8456
(252) 338-2677
The Outer Banks
(252) 449-2289
A&A Insurance
and Investments
1800 West City Drive
Elizabeth City, NC 27909
Phone: 1-800-338-8456
Fax: (252)338-0156