I. Pension & Election Options

  1. Defined Benefit
  2. Employer Contribution
  3. Require Defined Benefit Pensions, income to be paid over a period of time such as:
    • Life Only
    • Life with Joint Survivor
    • Life with Minimum Period Certain

II. Traditional IRA

  1. Tax-Deductible Contribution
  2. Tax-Deferred Growth
  3. $5,500 Maximum Contribution through age 49
  4. $6,500 Maximum Contribution ages 50 – 70
  5. 10% Penalty for Withdrawals before age 59 1/2
  6. Required Minimum Distributions Required April 1st in the years following age 70 1/2

III. Roth IRA

  1. Contributions are not Tax-Deductible
  2. $5,500 Maximum Contribution through age 49
  3. $6,500 Maximum Contribution ages 50 – 70
  4. Tax-Free Withdrawals after age 59 1/2 [10% IRS Penalty for Withdrawals before 59 1/2]

IV. 401k, Simple IRA, SEP

  1. Defined Contribution Plan
  2. Generally, includes Employer & Employee Contributions
  3. Allows for access of partial or lump sums of money to be taken out or rolled over into an IRA.
  4. Income level could limit the amount of the contribution – check with your tax advisor.

V. Annuities Section

VI. Tax-Free Income