Copyright © 2007, The American College. All rights reserved. Used with permission. Planning for Retirement Needs Individual Retirement Arrangements Chapter.

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Copyright © 2007, The American College. All rights reserved. Used with permission. Planning for Retirement Needs Individual Retirement Arrangements Chapter 18

Copyright © 2007, The American College. All rights reserved. Used with permission. Funding Vehicle Trust or Custodial Account Document limits contributions to maximum Custodian must be financial institution Domestic trust Exclusive benefit of participant Prohibit life insurance No commingling of assets

Copyright © 2007, The American College. All rights reserved. Used with permission. Funding Vehicles—Annuities Nontransferable May not have fixed premiums

Copyright © 2007, The American College. All rights reserved. Used with permission. Investment Prohibitions Life insurance Collectible exceptions –Added federal government platinum coins –Added investment in precious metals Prohibited transactions

Copyright © 2007, The American College. All rights reserved. Used with permission. Planning with IRAs and Roth IRAs Maximum contributions have risen Nonworking spouse Penalty-free withdrawals Roth available to many taxpayers

Copyright © 2007, The American College. All rights reserved. Used with permission. Planning with IRAs and Roth IRAs Comparing IRA and Roth –Tax rates go down choose traditional IRA –Tax rates go up choose Roth –Tax rates the same, same accumulation Conversions –Income cap gone in 2010 –Useful for estate planning Affluent –Gift to children

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