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Lord Abbett makes it easy to open a traditional IRA. As long as you, including your spouse, are under age 70 ½, you can take advantage of the option regardless of your income or whether or not you participate in a qualified plan. Find out about a no-cost Lord Abbett traditional 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 Traditional IRA?A traditional IRA is a tax-deferred1 savings plan available to you, if you are under age 70½, and your spouse, if your spouse is also under age 70½. It is set up for your exclusive benefit, although your designated beneficiary(ies) may ultimately receive the proceeds.
How does it work?
You may contribute up to $5,500 per year. If you are age 50 or older, you can make an additional $1,000 catch-up contribution. Contributions must be made by the tax-filing deadline. This is usually April 15 following the year for which the contribution is designated.
With a traditional IRA, you may be able to deduct the contribution from taxable income, reducing current income taxes, or, if you income qualify, a tax credit (called a "saver's credit") is available. Taxes on any investment appreciation are deferred until the money is withdrawn. Withdrawals are taxed as additional ordinary income when received. Nondeductible contributions, if any, are withdrawn tax-free. Taxable withdrawals before age 59½ may be assessed a 10% penalty, in addition to the taxes payable, unless an exception applies.
Fund sales charges may apply.
Who should consider a Lord Abbett Traditional IRA?
How does traditional IRA benefit you?
A traditional IRA offers several tax benefits, including:
This information is being provided as general information and is not intended to be legal or tax advice. Lord Abbett does not provide legal or tax advice.
1 Income whose taxes can be postponed until a later date; examples include IRAs and 401(k) plan earnings.
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.
There may be fees, expenses, taxes, and penalties associated with early IRA withdrawals.
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.