ING ROTH IRA Conversion

New tax-law provisions taking effect in 2010 represent a once-in-a-lifetime-opportunity to make your retirement and your financial future a little easier.This year, converting your traditional retirement plan savings into a Roth IRA—where your assets can potentially grow and be withdrawn tax-free—is not subject to income restrictions and, in 2010 only, will be given special tax treatment.1 Taking action now may help you lead a more comfortable retirement in the future.

Under the new tax provision:
  • There are no longer any income limits on converting a traditional IRA to a Roth IRA, so if you didn’t qualify to convert to a Roth IRA before, you will now be eligible 
  • If you convert in 2010, you can spread the tax bill over 2011 and 2012, making it easier to pay those taxes now so your savings can potentially grow and be withdrawn tax-free in the future
Other benefits of a Roth IRA will remain unchanged, including:
  • Roth IRA savings are not subject to required minimum distributions, giving you more income flexibility in retirement
  • Neither you nor your heirs will owe income tax on qualified withdrawals
  • Annual contributions may be made after age 70½ if you or your spouse are still working and earning income
Converting all or part of a traditional IRA or former employer’s 401(k) or defined contribution plan to a Roth IRA is not, however, the best choice for everyone. While there are broad categories of “probably should” and “probably shouldn’t,” each person’s situation is unique and should be carefully evaluated on its own.
 
Give us a call 800-464-7511 and we can clearly explain what these Roth IRA changes mean specifically for you, how converting or not converting is likely to affect your retirement nest egg, and most important, provide valuable advice to help you make informed decisions.
 
To get started with your ING ROTH IRA Conversion, give us a call at (800) 464-7511 to speak to a qualified financial advisor.
 
[1] Neither ING Financial Partners nor any of its agents or representatives give legal or tax advice. For complete details, consult with your tax advisor or attorney.