Word: iras
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...politicians have branded their name as well as the Republican Senator from Delaware, William Roth. Before him, Carter Glass and Henry Steagall did all right with their Depression-era banking laws. And Eugene Keogh has a legacy with the self-employed. But the Roth IRA is in a class of its own: the most hyped investor doodad for Everyman since mutual funds. Merrill Lynch says the Roth IRA is its most visible product, hands down. Run against Roth at home, and unless your name is 401(k), you don't have a shot...
Roth acknowledges that his popularity has been boosted by his IRA legislation, which lets you sock away $2,000 a year in after-tax money that then grows tax-free. "As I walk around Wilmington," he told me, "people yell from their cars, young and old, all backgrounds, 'Hey, Bill, love your IRA!'" But what's good for Roth and for Everyman isn't necessarily good for you. The Roth, as it's known, could stand improvement. For starters, there are ridiculous income limits. Couples earning more than $160,000 a year are ineligible, and if they earn...
Nevertheless, the overwhelming majority of Americans qualify--with no shenanigans. And for many, the Roth is a great deal. You pay no tax upon withdrawal. The old-style IRA, which allows you to put away before-tax money and pay tax upon withdrawal, remains useful. But restrictions cut most people out. Still, there's $1.3 trillion sitting in the things, thanks to years of 401(k) rollovers and initially generous IRA terms. Much of that should and will convert to new Roth accounts, and that is plainly what's behind the current Roth marketing blitz...
...world suddenly gone sane. And one of the nicer features of peace in Northern Ireland, surely, is that we won't have to sit through any more Brad Pitt-as-an-IRA-hard-guy stinkers. A peace dividend never smelled so sweet...
...ROTH IRA Named for its chief proponent, Senator William Roth of Delaware, this lets you put away as much as $2,000 a year of after-tax money in an IRA. When you retire, you can take the money out tax-free. Contributions are phased out for taxpayers with an annual income of $160,000. Existing IRAs can be converted to Roth IRAs for taxpayers making less than $100,000 a year...