Yes, as long as the total amount of your contributions to more than one IRA does not exceed the maximum annual contribution limit which, in 2017, is $5,500 for workers under age 50 and $6,500 (with an additional $1,000 catch-up amount) for workers age 50 and over by year-end.
Be sure to check the administrative fees and minimum deposit requirements of your IRA plan custodian(s), however. Multiple accounts could mean that you’ll be charged multiple fees to administer your IRA …
It depends. You must have earned income to contribute to an IRA of any type, including a Roth IRA. This means that you must have a salary, hourly wage, or net earnings from consulting or a small business.
If you have earned income, the maximum amount that a person over age 50 can deposit in 2017 in a Roth IRA is the larger of 100% of earnings or $6,500 (the regular $5,500 contribution plus an additional $1,000 catch-up contribution). Roth …
Extension Pre-Conference | 2017 AFCPE Symposium
Agenda and Attachments
7:15 am Registration and Continental Breakfast – Sponsored by NEFE
8:00 am Welcome and Introductory Activity
Erica Tobe, PhD, Michigan State University Extension
Elizabeth Kiss, PhD, Kansas State University Research and Extension
8:15 am Evaluation from a National Program Leader Perspective
Toija Riggins, PhD, USDA NIFA
8:30 am Evaluation from a State Administrator’s Perspective
Michael Gutter, PhD, University of Florida/IFAS
8:45 am Getting Extension on the Map: Common Indicators, Common Reporting
Johnson, C. L., O’Neill, B., Worthy, S., Lown, J. M., Bowen, C. F. (2016). What are student loan borrowers thinking? Insights from focus groups on college selection and student loan decision making. Journal of Financial Counseling and Planning, 27(2), 184-198.
Brief Description: This study used data from online focus groups to understand college students’ decision-making process when borrowing money to finance their education. Respondents were asked eight questions regarding their college selection and student loan decision-making. Results suggest that (a) …
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
August 2017
Retirement Planning is a 40-Year Journey
The retirement planning process has been described as a “40 (or more) year journey” from the start of someone’s working life in their 20s through retirement in their 60s (or beyond). However, it is actually much longer, if you consider how long someone can live during retirement. Unlike shorter-term financial planning goals like buying a car, a house, or saving …
Some people record all their mileage on a calendar, planner, or business diary that they keep in their car. Be sure to jot down the date, the purpose of the trip, the starting and ending odometer readings, and the total number of miles driven. Another good source of documentation is a copy of the forms that you provide to your employer for expense reimbursement.
Remember, you are entitled to deduct the difference between the IRS business mileage reimbursement rate (54 …
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
May 2017
The Benefits of Being a Future-Minded Planner
Want to be a successful investor? Develop your future-mindedness. That is the conclusion of a recent study that found a connection between positive financial behaviors, such as saving and investing, and impulsiveness and materialism.
When people focus on their future they tend to be less impulsive spenders, regardless of their level of financial literacy. In fact, the strongest predictor …
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
February 2017
Factors That Affect Investment Risk Tolerance
To help investors objectively assess their investment risk tolerance, Rutgers Cooperative Extension has an online Investment Risk Tolerance Quiz at www.rce.rutgers.edu/money/riskquiz
Developed by Dr. Ruth Lytton at Virginia Tech and Dr. John Grable at the University of Georgia, the quiz has 13 multiple choice questions and provides users with instant feedback about their capacity to handle investment risk.
The questions …
Federal tax law limits 2017 contributions to a traditional and/or Roth IRA to $5,500 for a worker with earned income ($6,500 for those who are age 50 or older before the end of the year). An additional $5,500 can also be saved for a worker’s spouse, regardless of whether or not the spouse is employed. In addition, spouses who are age 50 or older can contribute an additional $1,000 ($6,500 total) for a total of $13,000 of contributions if both …
According to the investment research firm Ibbotson Associates, these were the annual returns on various types of investments from 1926 through 2015:
* Small company stocks: 12.0%
* Large company stocks; 10.0%
* U.S. Government bonds: 5.6%
* U.S. Treasury bills: 3.4%
We would like your feedback on this Personal Finance Frequently Asked Question.…
