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.
Rule 2: The amount you can contribute goes up over time Roth contribution limits are indexed for inflation, and in some years, they go up. For 2015, you can put $5,500 into your Roth IRA, and if you're 50 or older, you can add another $1,000 on top of that. You have until April 15 next year to make your contribution for 2015. Rule 3: Anyone can convert a traditional IRA to a Roth It used to be that income limits prevented some taxpayers from converting existing traditional IRAs to Roth IRAs.