Category: FAQ

Below are the income restrictions for 2017 Roth IRA contributions:

• Roth IRAs are fully available to single filers whose adjusted gross income (AGI) is less than $118,000. No participation is allowed if your AGI is more than $133,000. Thus, the phase-out range, where contributions are limited in gradual steps as income increases, is between $118,000 and $133,000.

• Roth IRAs are fully available to joint filers whose AGI is less than $186,000. There is a phase-out range between $186,000 …

Basically, the longer you wait to claim a Social Security benefit, the more money you will receive. Under current Social Security guidelines, the earliest age that you can collect benefits is age 62. However, benefits at age 62 are permanently reduced by 25%. For example, if your monthly benefit at age 66 is $1,000, you would receive only $750 at age 62.

If you wait until age 70 to start collecting benefits, the amount you will receive is 132% of …

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 …

You are allowed to contribute the greater of 100% of your earned income (salary or wages from a job or self-employment income) or $5,500 to a Roth and/or traditional IRA in 2017. If you are age 50 by year’s end, or older, you can contribute up to an extra $1,000 ($6,500 total).

However, if you earn less than $5,500 by the end of the calendar year, you can only contribute up to the amount of your annual earnings.

We would …