Word: iras
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Sometime this week President Bill Clinton is expected to sign a sweeping IRS-reform bill that includes "technical corrections" governing the popular Roth IRA. Mostly, the corrections close loopholes. So don't look for any big changes, like expanding eligibility for those earning more than $100,000 a year. As I've argued before, that low limit unfairly precludes many nonwealthy couples in big cities from converting their old IRAs to a Roth. Still, nagging obstacles are about to get obliterated, opening the door for wider use of this powerful savings tool...
...Roth is, of course, the now familiar IRA that allows savers to contribute aftertax money, which grows tax free and can be withdrawn tax free in retirement. Traditional IRAs are funded with pretax money that grows tax deferred but is subject to tax upon withdrawal. Here are three key corrections in the bill that relate to the Roth...
...Despite the dispute over the march, the peace process this week went into high gear with former IRA fighters and Protestant paramilitaries trading quips and showing a remarkable degree of cooperation inside the new Northern Ireland assembly in spite of attempts by the Protestant opposition to destabalize it. In Northern Ireland, after all, politics have never been for the faint-hearted -- even if things do turn ugly in Portadown, the leaders committed to keeping the peace are not men easily spooked by the sight of blood...
...claims, "that it felt to me like a catastrophe you could live with only if you kept it quiet," but native childish curiosity drives him to push for answers. His father's family, with its tragic breakup and its missing brother, who may or may not have been an IRA hero, holds a score of riddles, and his mother's, which is mysteriously bound to his father's by more than their marriage, is just as puzzling. No adult will speak to him directly of the families' history, and his knowledge of the troubled family story emerges from half-heard...
...miles for every $1 spent with phone company MCI. United Airlines even gives you a housewarming gift: 1,000 miles for every $10,000 borrowed through specified mortgage brokers. "I can get miles by using my Bell Atlantic cell phone and making calls using MCI. What a concept!" says Ira Birns, 35, assistant treasurer with Arrow Electronics in Melville, N.Y. Birns has about 800,000 miles through his memberships in the AAdvantage and Marriott Rewards frequent-traveler programs...