I have a retirement plan at work, can I still open and contribute to an IRA?
You may open an individual retirement account even if you participate in an employer-sponsored retirement savings program, such as a 401(k). It is important to understand that there are IRA contribution limits, which may vary based on your individual situation.
Learn more about the different types of IRAs.
I work for myself, or as an independent contractor, is there a self-employed IRA I can open?
A SEP IRA is one choice for self-employed individuals who wish to save for their retirement. Depending on your financial goals and objectives, you may also want to review and consider other IRA plans, such as a Traditional or Roth IRA.
Scottrade's easy-to-follow IRA decision tree can also help you decide which plan best fits your needs.
Should I open an IRA now, or wait until I am more established in my career?
There is never a bad time to begin saving for your future, and understanding your savings potential can help you decide the best time to open your IRA based on your financial goals and needs. You can also review the stages of planning for retirement and learn strategies for maximizing your IRA in the Scottrade Knowledge Center.
Scottrade's retirement calculator shows how much you may be able to save by retirement based on when you begin making contributions to your retirement plan.
How much should I contribute to my IRA?
Deciding how much to contribute to your IRA is a highly personal matter; however there are a number of questions you can ask yourself to help determine the best amount based on your anticipated retirement needs and goals.
Are my IRA contributions tax deductible?
An overview of IRA types will help you understand when taxes are assessed on your contributions, allowing you to choose the best plan for your financial situation. Scottrade's convenient IRA decision tree can also help you decide which plan best fits your needs.
What are the tax benefits of opening an IRA account?
Would you prefer to pay taxes on your IRA contributions at the time of the contribution or to defer your taxes until withdrawal? This is just one important question to ask yourself when choosing the best IRA for you.
Can I open more than one IRA?
Yes, it is possible to open more than one IRA plan, but it is equally important to understand that there are overall retirement funding contribution limits, which may vary based on your individual situation. A review of the your expected retirement needs, the types of IRAs as well as the most recent IRA contribution limits and regulations, will help you to determine the best course of action based on your unique needs.
What's the difference between a Roth IRA and a Traditional IRA?
The most noticeable difference between a Roth IRA and a Traditional IRA is that Roth IRA contributions are made with post-tax dollars, while a Traditional IRA defers payment of taxes until withdrawal. The IRA comparison calculator provides an overview of each plan, helping you to choose the one that works with your financial goals and retirement strategy.
How do I choose the right IRA for me?
Many self-directed traders and investors are looking for information on how to choose an IRA plan that works best with their individual retirement and investing goals. Scottrade's interactive IRA decision tree as well as our handy IRA calculator can help you determine the right account for your needs.
How do I fund my IRA account?
There are numerous ways to fund and invest in your IRA, including rolling over plans from a previous employer. Our IRA switch kit offers an easy-to-follow guide to help you open and fund your retirement plan.
Can I convert my Traditional IRA to a Roth IRA or vice versa?
An IRA conversion is possible, however, there are a number of questions you should consider before making the decision to convert your IRA, including tax considerations that may affect your choice.
While Scottrade can provide important information you need to help you choose your IRA based on your financial goals and anticipated needs, Scottrade does not provide tax advice. We encourage you to consult your tax advisor prior to making your final decision.
I have a 401(k) plan from a previous employer, are there any special 401(k) rollover rules I need to understand?
There are just a few steps you need to follow to transfer or roll over your 401(k) plan into your new or existing Scottrade IRA account. The first step is to open an account, then just follow the simple steps to request an electronic funds transfer to your account. Scottrade will notify you once we have received and processed your transfer, and we'll even reimburse up to $100 in transfer out fees charged by your previous institution*.
If you have any questions, refer to our helpful IRA switch kit , or get free, friendly assistance via online chat, over-the-phone or at one of more than 500 local branch offices.
What are the steps for rolling over an existing IRA or 401(k) plan to my Scottrade IRA account? What forms do I need?
Rolling over your existing IRA into the Scottrade IRA of your choice is easy, just follow the simple steps outlined in our handy IRA switch kit . If you have any questions or need assistance, friendly, knowledgeable Scottrade associate is available to help through online chat, over-the-phone or at one of our 505 local branch offices.
Can I withdraw money from my personal IRA plan while I am still working?
Depending on the type of IRA you choose, you may be able to withdraw funds from your IRA without penalty for certain expenses, including the purchase of a home and qualified educational expenses. If you anticipate you may want to withdraw funds prior to retirement, you will want to ensure that you carefully review and understand the potential penalties or tax ramifications prior to choosing and funding your IRA.
What are the income limits and 2013 contribution limits for a Roth IRA?
For 2013, contributions are limited to a maximum of $5,500 or $6,500, depending on your age. More information can be found in our Knowledge Center article on Roth IRA Contributions.
What are the income limits and 2013 contribution limits for a Traditional IRA?
For 2013, contributions are limited to a maximum of $5,500 or $6,500, depending on your age. More information can be found in our Knowledge Center article on Traditional IRA Contributions.