The correct name has the power to show the reader straight away if he/she has landed in another world, another time, the past, the present, the future in the first few pages. My advice is always to choose names wisely. Donât put the reader of with a shabby unthought-of name.
Timing. The IRS, whether you continue to work or not, classifies you as retired once you turn 59 1/2 years of age for Individual Retirement Account purposes. At this age, you generally can begin withdrawing IRA money without fear of a 10 percent IRS tax penalty on premature withdrawals.As far as contributions go, you can make them to both Roth IRAs and traditional IRAs in retirement; however, the IRS does not allow traditional IRA contributions after you turn 70 1/2.s far as contributions go, you can make them to both Roth IRAs and traditional IRAs in retirement; however, the IRS does not allow traditional IRA contributions after you turn 70 1/2.
If you have a Roth IRA and a Traditional IRA, the maximum amount you can contribute in total is still $5,500 or $6,500, depending on your age. If youâre 40 years old, you can put $3,000 into a Roth IRA and $2,500 into a Traditional IRA. You canât put $5,500 into both.hen you withdraw your money from a Traditional IRA, it will be taxed as income, like any other investment. A Roth IRA is not tax deductible each year so it wonât have an impact on your yearly tax return. It does hold a major tax advantage in the long run (if your account makes money).