For population 25 years and over in Kite: 1  High school or higher: 63.8%. 2  Bachelor's degree or higher: 3.0%. 3  Graduate or professional degree: 2.0%. 4  Mean travel time to work (commute): 30.5 minutes.
If the annuity is in a Roth IRA, all of the withdrawals will be tax-free as long as youâve had the Roth for five years and are older than 59Â½. Taxes are just one issue to consider when deciding whether or not to convert your annuity into a income stream, however.
The tax breaks for a Roth IRA are different. Again, you can put in up to $2,000 a year. But the money isn't tax-deductible. Taking the above example, you'd still be taxed on $30,000 even though you had put the same $2,000 into a Roth IRA.However, when you withdraw the money from a Roth IRA, it isn't taxed.That's right -- you get off scot-free with the booty. All you have to do is to wait until you can withdraw it penalty-free. Again, that's after age 59 1/2, and as long as it's been in there for at least five years.n IRA account for your child is very similar to, but not exactly the same as, a custodial account. That is, you control the account until your child reaches the age of majority -- just as you would with a custodial account -- but the IRA account is not actually considered to be a type of custodial account.