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.
You can only put money into an IRA account if you have earned income. That $500 you got for your bar mitzvah or from Uncle Fester won't work. There are limits to how much you can put into an IRA, too -- for 2002, the limit is $3,000 (of earned income, remember). There are two main kinds of IRAs: traditional and Roth.