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Frequently Asked Questions

Is an IRA the same as a pension?

Money in an IRA, or an individual retirement account, is not a pension. IRAs and pensions are both designed to provide retirement income, but they have significant differences. An IRA account is funded and managed by each individual as part of a personal retirement savings plan.

What is the minimum age for an IRA?

Traditional IRAs: Although previous laws stopped traditional IRA contributions at age 70.5, you can now contribute at any age. However, required minimum distribution (RMD) rules still apply at 70.5 or 72, depending on when you were born. Roth IRAs: Like their traditional counterpart, there is no age limit of Roth IRA contributions. So long as you or your spouse earns income, you can continue to make contributions indefinitely.

Can I Make my IRA into a self directed IRA?

Yes, any IRA can be moved to a ‘self-directed IRA’ and then be used to purchase/hold alternative assets like real estate, private stock or precious metals. The term ‘self-directed’ is a descriptive term. At the core an IRA is an IRA; whether it is with a bank, brokerage firm or a self-directed provider.

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