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"Yo Mike"
Frequently Asked Questions
Question:
My wife and I earn a combined salary of $170,000 and we each participate in our company 401K retirement plans. Can we still contribute to our IRAs?
Answer:
Yes you can. However, you cannot deduct the contributions from your income since you both participate in your company sponsored retirement savings plans.
The contribution limits to your IRA for 2008 are $5,000 if you are under the age of 50 and up to $6,000 if you are 50 or older.
Question:
What is a Roth IRA?
Answer:
A Roth IRA is similar to a traditional IRA with regards to the contribution limits. However, a Roth is funded with after-tax dollars and your contributions are not tax deductible. The benefit is all of the funds including dividends, interest, and appreciation within the Roth may be withdrawn tax-free after five years if the owner is at least 59-1/2 years of age.
Question:
What is a Personal Liability Umbrella policy?
Answer:
An Umbrella policy is an insurance policy that provides an added layer of liability coverage. The policy provides the insured with additional protection against lawsuits from bodily and personal injury and property damage beyond the amounts covered by your homeowners, auto, and boat insurance. As a general rule, liability coverage should at least equal the insured’s net worth.
