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The document is a Roth IRA application and custodial account agreement that outlines the process for establishing a Roth Individual Retirement Account (IRA). It includes sections for personal information, beneficiary designation, spousal consent, contribution types, eligibility requirements, and tax implications. The agreement details the rules governing contributions, distributions, and penalties associated with excess contributions or early withdrawals. It also emphasizes the importance of compliance with IRS regulations and provides guidance on managing the account.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is it dumb to have two Roth IRAs?

Roth IRA contributions arent tax-deductible, but you dont pay taxes when you make qualified withdrawals in retirement. Having both types of IRA gives you the ability to prioritize either a current deduction or future tax savingsor a mix of both.

Can you contribute $6,000 to both Roth and traditional IRA in the same year?

Yes, you want both in retirement. You use the traditional IRA disbursements until you hit the higher tax brackets and then use Roth IRA disbursements. This saves you the most money and uses your retirement savings optimally.

Is it smart to have both a Roth and traditional IRA?

Honestly, probably not. It will go a long way if you really max it out every year, invest it all in a broad index fund, and dont tinker with it. That said, depending on how you plan on spending your later years, its likely youll need to save more than just your IRA money to live comfortably.

What is the 4% rule for Roth IRAs?

The 4% rule is a guideline for retirees to withdraw 4% of their retirement savings in the first year, adjusting the amount for inflation in subsequent years. This approach aims to provide a steady income stream while preserving the longevity of the retirement fund.

What is a disadvantage to Roth IRA?

Less money in your pocket today: Since you pay income taxes on what you contribute to a Roth IRA, youll have less money available right now than if you contributed the same amount to a traditional IRA.

Is it bad to have two Roth IRAs?

The most you can contribute to all of your traditional and Roth IRAs is the smaller of: For 2021, $6,000, or $7,000 if youre age 50 or older by the end of the year; or your taxable compensation for the year.

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