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Merrill Edge IRA Review
Traditional IRAs are designed for people under the age of seventy and a half with earned income less than $71,000 for individuals or $118,000 for joint account holders. Traditional IRAs allow funds to grow tax free until they are withdrawn for retirement purposes, ongoing contributions may be deductible for tax purposes and mandatory minimum distributions are required after the age of seventy and a half.
Roth IRAs are designed for people earning less than $132,000 for individuals or $194,000 for joint accounts and allow tax-free income growth and tax-free qualified withdrawals at any time. Unlike Traditional IRAs, Roth IRAs have no mandatory withdrawal guidelines and ongoing contributions are not tax-deductible. Federal and State income taxes apply to contributions, which can be withdrawn at any time (not earnings) and earnings are tax-free if withdrawn after the age of fifty-nine and a half (if IRA account has been open for at least 5 years).
Rollover IRAs allow tax-deferred status of retirement plans that are consolidated into one account with Merrill Edge. All options should be considered, including staying with a former employer’s IRA, before consolidating existing IRAs into a Rollover IRA.
Inherited IRAs are for transferring the assets contained in inherited retirement plans into an account in the name of the person who inherited the IRA. These accounts can be used to open Inherited Accounts for Traditional or Roth IRAs.
Merrill Edge IRA Conclusion
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