| More details on IRAs, inheritance
Several of my recent columns on IRAs and on the New Jersey inheritance tax sparked a flurry of inquiries. I will address questions about IRAs here and those on the New Jersey estate tax in my next column. I am retired, 58 years old and my income from renewal commissions is $3,100. How much can I contribute to a Roth IRA? How do I measure the five-year holding period, and does each Roth account have a separate "time clock" for this purpose? Can I contribute more as a non-working spouse? Good news for you. If your spouse is over 50 and earns more than $6,900 (but less than the phase-out amount, $156,000), your spouse can contribute $4,000 plus a $1,000 catch-up contribution to her Roth IRA. You can contribute your $3,100 plus $900 "borrowed" from your spouse's earnings plus a $1,000 catch-up contribution (also "borrowed") to your Roth IRA.
High School notes: Brief retirement: Former coach joins Roseville ...
It figures 72-year-old Frank Negri, a man with the energy and enthusiasm of someone 27, wouldn't stay retired for long. Negri stepped down in November as the Foothill High School football coach, ending a 42-year term as the school's only coach. It also marked the end of 50 years of coaching -- for a few months, anyway. Roseville coach Larry Cunha has added Negri to his staff. .
Bay Street lawyer appointed to probe pension-fund scandal
OTTAWA -- The federal government appointed Bay Street lawyer David A. Brown yesterday to conduct a quick investigation into the RCMP pension-fund scandal.Mr. Brown, a former chairman of the Ontario Securities Commission, is expected to report by June 15 and to recommend whether a broader investigation is needed into the pension case and "the overall management of the RCMP." .
Shop carefully for complex equity-indexed annunities
I've been getting quite a few emails lately about equity-indexed annuities. These sound great because they track the return of the stock market without the risk. However, they are very complex programs. Equity-indexed annuities are contracts with insurance companies. Before you consider any insurance, always double-check the financial strength of the insurance company. The financially strongest companies have financial strength ratings of A++ by A.M. Best and AAA by Standard & Poor's. Also, check to make certain the salesperson is properly licensed. You can do this in Florida at www.fldfs.com. Certain annuities may prove attractive for a portion of your money — particularly if you've maxed out on other types of tax-advantaged retirement plans. They're also an attractive way to help guarantee you a stream of income.
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