How Much Do You Remember? – Review of IRAs

Good morning Women Supporting Women,

Happy Monday to you all!  I hope you had a fantastic weekend! It is Holy Week and we are ready for new blessings to come our way, to be better versions of our former selves. I was fortunate enough to spend the weekend loving on my family.  Times like this are so special to me.  It is important for us to live everyday filled with joy and laughter.  Since tomorrow is not promised, I want to make sure that the people around me know how much they mean to me.

For the past 5 weeks, we’ve had the opportunity to discuss IRAs in its entirety.  As promised, we will do a review and you have the chance to win a $15 gift card.

On your mark, get set, answer:

  1. What is an IRA?
  2. What is the contribution limit for an IRA in 2019 for a 40-year-old?
  3. What is the contribution limit for an IRA in 2019 for a 58-year-old?
  4. How much can you contribute into a 401K IRA for a 37-year-old?
  5. List the different types of IRAs?
  6. Give 2 reasons why someone would consider rolling of an IRA from a previous employer?
  7. What are Required Minimum Distributions (RMDs)?
  8. What age does one have to start their RMDs?
  9. What is tax deferred money?
  10. Which IRA is considered tax deferred money?
  11. Which IRA allows you to do withdrawals tax FREE?
  12. Is there a penalty for an early withdrawal?
  13. If so, what is the age?
  14. How long must one have an IRA open and how old must one be before they can withdraw without a penalty?
  15. What is the IRS penalty for early withdrawals?

Once you have answered the questions, please send an email to:

thefinancialcomforter@gmail.com

I will announce the winner next week, along with the new topic of discussion.

Good Luck!!!

As always, thank you and have a beautiful and blessed week 🙂

Marsha

Changing the lives in our community….one family at a time

 

 

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