Roth Conversions
Investor Education Series
In this educational video on Roth IRA Conversions, Shaun Fagant, Shareholder Relations, breaks down this strategy that distributes pre-tax dollars (e.g., Traditional IRA, 401(k), 403(b)) into a Roth IRA for the potential for tax-free growth.
What is a Roth Conversion?
Investor Education Series
In this short educational video Shaun Fagant, Shareholder Relations, clearly defines a Roth IRA Conversion.
If you would like more information about a Roth IRA Conversion, please watch our other video, “Roth Conversions” or contact us at 800.932.3271.
Investing for What Matters Most
Are you building the wealth you’ll need for your desired retirement lifestyle? This video includes clear, actionable steps to help you gain financial confidence and invest for what’s ahead.
Saving for a Child’s College vs. Saving for Retirement
Kevin Smith, CFP®, Director of Fenimore’s Private Client Services, provides insights on this popular subject.
SEP, SIMPLE IRA, and Individual(K) Plans
Make offering a retirement plan easy for you—and your employees. Reluctant to have a retirement plan because of the cost and complexity of typical employer-sponsored plans? SEP, SIMPLE IRA, and Individual(k) plans are different. They are easier to administer and less expensive to maintain.
Retirement Plans for your Business
Not all retirement plans are the same. All of today’s most popular employer-sponsored retirement plans—the SEP, SIMPLE IRA, profit sharing, 401(k), and Individual(k)—are designed to help you and your employees make the most of saving for retirement on the job. But each plan has different features and requirements. One type of plan may be a better fit over another for your particular business.
Roth IRA
Save now with a Roth IRA and enjoy tax-free money later. By saving for retirement with a Roth IRA, you can look forward to tax-free distributions, not being required to take money out, and a possible tax credit of up to $1,000.
Traditional IRA
Save money now when you save money for later. By using a Traditional IRA to save for your future, you may be able to save money today if you are eligible to deduct Traditional IRA contributions on your federal income tax return, or you qualify for a tax credit of up to $1,000.
Is a Roth IRA Conversion Right for You?
Concerned about future tax rates? You may want to consider converting your Traditional IRA to a Roth IRA. A Roth conversion is a permissible transaction that allows you to pay income taxes on some or all your retirement assets when you convert and benefit from taxfree withdrawals in the future.
SPOUSAL INDIVIDUAL RETIREMENT ACCOUNT (IRA)
If you meet certain conditions, you can set up and contribute to an IRA (traditional or Roth) for your spouse, even if he or she receives little or no taxable compensation for the year of the contribution. Such an IRA is commonly referred to as a spousal IRA. A spousal IRA is not, however, a special type of IRA. It is merely a way of describing the fact that you are making a contribution to your spouse's traditional or Roth IRA.
Simplified Employee Pension Plans (SEPs)
A simplified employee pension (SEP) is a written plan that allows small-business owners to make retirement contributions to traditional IRAs (SEP-IRAs) set up for themselves and for each eligible employee. These contributions may be deducted from your business’s income and excluded from your employees’ income.
IRA and Retirement Plan Limits for 2024
Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2024, other key numbers have increased.
Traditional and Roth IRA’s
Choose the way you save. There are two types of individual retirement arrangements (IRAs): Traditional and Roth. Though the eligibility requirements differ, often the decision of whether to contribute to a Traditional IRA or a Roth IRA depends on your income. Both offer flexibility, accessibility, and valuable tax benefits.
IRA and Retirement Plan Distributions
Whether your retirement is close or still a ways off, you may be ready-or required-to put your savings to use. With a retirement plan, you must satisfy certain requirements before taking a distribution, but with an IRA, you can withdraw your IRA assets anytime (subject to possible tax and penalty).
New Opportunities for Retirement Savings
On December 29, 2022, Congress passed legislation that created significant changes to the retirement landscape.
Charitable Contributions from IRAs
Did you know that, if you are at least 70½ years old, you can make tax-free charitable donations directly from your IRA? By making what's called a qualified charitable distribution (QCD), you can benefit your favorite charity while excluding up to $100,000 annually from gross income. These gifts, also known as "charitable IRA rollovers," would otherwise be taxable IRA distributions.
Transfers, Rollovers and Conversions
Your retirement savings accounts are portable: IRA-to-IRA, IRA-to-retirement plan, Retirement plan-to-IRA, Retirement plan-to-retirement plan.
Comparison of Traditional
IRA’s and Roth IRA’s
Both Traditional and Roth IRAs feature tax-sheltered growth of earnings and give you a variety of investment choices. However, there are important differences between these two types of IRAs. You must understand these differences before you can choose the type of IRA that's best for you. Learn how Traditional and Roth IRAs compare and contrast.
Understanding IRA’s
An individual retirement account (IRA) is a personal savings plan that offers specific tax benefits. IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plan at work, you might also consider investing in an IRA.
Just a Minute with Fenimore: “Fixed for Retirement”
Discover: Fenimore’s goals for fixed income investing; what makes our research process distinctive; how we strive to mitigate risk; and how we partner with investors.
This video is part of the “Just A Minute with Fenimore” series.