Update: The general rule of thumb is that an individual is not eligible to receive Social Security disability benefits (SSDI or SSI) during incarceration. It does not matter if the conviction is for a misdemeanor or a felony. However, when benefits stop differs depending on whether you are receiving SSDI or SSI. As a result, individuals may receive Social Security benefits for a short time after incarceration. Click here for more information.
The 2015 IRA contribution limits will look just like it did for 2014. Both the traditional and Roth IRA will have the same contribution limit, which will max out at $5,500. If you are 50 years or older, there is a $1,000 catch up contribution.
And once your MAGI hits $131,000, you can no longer contribute to a Roth IRA. For married couples filing jointly, the reduction in contributions starts at the $183,000 threshold, and contributions are prohibited beyond incomes of $193,000. Roth IRA is one of the best investment vehicles to save for retirement. The biggest reason: You enjoy tax-free growth on all the money you put in -- that is, of course, if you follow the Roth IRA rules set forth by the IRS. Below are the most pertinent rules for 2015.