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 prefer, you can make a contribution to a Roth IRA for your nonworking spouse. The contribution limits are the same, and there is no deduction with a Roth IRA. After-tax dollars go into a Roth IRA, and contributions and earnings are not taxed again at withdrawal. spousal IRA lets a stay-at-home member of a a couple contribute the maximum amount to an individual retirement account each year. As long as you file a married filing jointly tax return and the working spouse earns enough to fund the IRA, you can make up to the maximum contribution.