Home > Products and Services > Financial Services > 2010 ROTH IRA CONVERSION
IS IT TIME TO CONSIDER CONVERTING TO A ROTH IRA?
Converting an IRA (traditional, rollover, SEP or SIMPLE1) or other eligible qualified retirement plan to a Roth IRA may be more attractive and accessible than ever before. As of January 1, 2010, all investors have an opportunity to convert their retirement assets to a Roth IRA as income restrictions are gone.
- Potential for federal tax-deferred growth and qualified tax-free distributions2
- Power of compounded earning potential
- Opportunity for federal tax-free distribution to heirs2
- Variety of investment options
- No required minimum distributions
Before you consider converting any of your assets, you'll want to make sure that a Roth IRA Conversion3 makes sense for your financial situation.
Eligibility for a Roth Conversion3 doesn't automatically mean you should convert your assets. You'll want to revisit your retirement goals and look at all tax considerations as Roth IRA Conversions may not be appropriate for all investors.
If you are interested in learning more about your options, now is the time. Please call Carroll Curry with MAG Mutual Financial Services, LLC at 1-888-286-3041 (or email him at ccurry@magmutual.com) to arrange a complimentary consultation with one of our alliance partner retirement planning experts.
1A SIMPLE IRA can be converted to a Roth IRA, but only after you have maintained the SIMPLE IRA for two years.
2Roth IRA contributions are not tax-deductible, but earnings can be withdrawn income-tax-free if you're at least 59 ½ and have had the Roth at least five years.
3Conversions are subject to federal income taxes. State taxes also may apply: check with your local tax advisor. Refer to IRS Publication 590, Individual Retirement Arrangements (IRAs) for a complete discussion of making contributions and taking withdrawals from IRAs. Withdrawals made prior to age 59 ½ may be subject to a 10% IRS early distribution penalty.
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