Income

Non-working spouses are still eligible to contribute into an IRA account under certain circumstances. If the working spouse has earned enough income to cover the non-working spouse’s contribution and the couple is filing a joint income tax return, the non-working spouse can contribute up to $5,000 in 2009 if they are under the age of 50, and $6,000 if they are 50 or older.

A Simple IRA is a qualified retirement plan that can be established by employers, including those who are self-employed. Eligible employees can contribute a portion of their pre-tax income into a Simple IRA account. These funds grow tax-deferred until their distribution. Employers are required to make contributions into these accounts on behalf of their qualified employees; elective (matching percentage) or non-elective contributions (made even if the employee does not participate in the retirement plan).

A rollover IRA account is created when funds from a qualified plan such as a

The first step when planning for retirement is to take an accurate snap shot of where you are today financially. You cannot effectively determine how to get where you want to go, without determining where you are starting from. Next, define the annual amount of income you will require during retirement to live comfortably and to achieve your retirement goals.

Individuals who meet the qualification requirements may contribute 100% of their eligible annual income into a