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Lord Abbett makes it easy to open a Roth IRA. As long as you, including your spouse, income qualify, you can take advantage regardless whether or not you participate in a qualified plan. Find out about a no-cost Lord Abbett Roth IRA.
This material is intended as general information only and is not intended as legal or tax advice. Some of this information may be quite complex and we strongly suggest you consult with your advisor or tax professional based on your individual situation.
What is a Roth IRA?A Roth IRA is a potentially tax-free savings plan available to you, and your spouse also if you are married, subject to certain income requirements. Participation in a retirement plan does not affect your eligibility to contribute to a Roth IRA, unless contributing to one lowers your current income enough, allowing you to meet the income requirements. All withdrawals, including any investment appreciation, are potentially tax-free.
How does it work?
You may contribute up to $5,500 in 2013. If you or your spouse is age 50 or older, you can also make a $1,000 catch-up contribution. Contributions must be made by the tax-filing deadline. This is usually April 15 of the year following the year for which the contribution was designated.
With a Roth IRA, contributions are not tax deductible 1. However, a tax credit is available if you income qualify called a "saver's credit." All the account earnings are potentially tax-free if you are over age 59½ and the account has been established for at least five years when a withdrawal is made. In addition, unlike a traditional IRA (read about Traditional IRAs), as long as you continue to have earned income, there is no rule against making contributions to Roth IRAs after turning age 70½. There is also no requirement that you begin making minimum withdrawals at any age.
Fund sales charges may apply.
Who should consider a Roth IRA?
How does a Lord Abbett Roth IRA benefit you?
A Roth IRA offers several tax benefits, including:
1 An item or expense, such as an IRA contribution, which, when subtracted from adjusted gross income, reduces the amount of income subject to tax.
2 Adjusted gross income includes wages, interest, capital gains, income from retirement accounts, and alimony paid to the taxpayer adjusted downward by specific deductions (including contributions to deductible retirement accounts and alimony paid by the taxpayer), but not including standard and itemized deductions.
Lord Abbett will waive (or otherwise pay) the yearly $10.00 custodial fee that would be charged each year on an ongoing basis to every new IRA account and, therefore, will not assess a custodial account fee in 2013 or any year afterward. Free also applies to the Federal Express (FedEx) charges currently absorbed by the B/D to submit paperwork to DST to open a Lord Abbett IRA account. Fund level fees and expenses are still applicable. Please see the current prospectus.