If you’re wondering what to do with an old 401(k), considering opening an IRA, or simply seeking clarity on long-term savings, you’re in the right place. In this webinar, we’ll discuss how the SlavicIRA platform supports you through every stage of your financial journey, from initial enrollment to retirement.
You’ll hear directly from John Slavic, CEO and Founder of Slavic401k. With his extensive experience, John will provide practical strategies for approaching IRAs and offer insider knowledge on leveraging the SlavicIRA platform, including our Bespoke and Managed Portfolio options.
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Learn IRA Basics
- Bridging the Retirement Gap: What millions of households are doing.
- What is an IRA: See how IRAs are designed to accelerate money growth.
- Leverage Benefits: Deep dive into tax advantages and more.
- IRA vs. Bank Accounts: The undeniable “snowball effect” of compound interest.
- Roth or Traditional? Navigate eligibility and choose ideal type.
- The 401(k) Legacy Challenge: Trillions in forgotten savings.
- Rollovers: Bringing scattered 401(k)s into one powerful account.
- Your IRA, Your Schedule: How to contribute on your terms.
- Smart Investment Strategies: Portfolio options for optimal growth.
- What You Need to Get Started: A simple checklist to make opening your IRA easy.
Key Questions Answered
- Q: Can anyone rollover their retirement savings to SlavicIRA? Yes—if you’re eligible to withdraw funds from your current or former employer’s retirement plan, you can roll them over to a SlavicIRA. This typically applies if you’ve left your employer, reached age 59½, or become disabled. Your employer should provide a written explanation of your distribution options.
- Q: When’s the right time to open an IRA? There’s never a bad time to open an IRA, but the sooner you can do it, the better your chances of reaching your retirement goals.
- Q: What investment options are available with SlavicIRA? You have the flexibility to choose how you invest. For a simplified approach, select a pre-built portfolio tailored to your goals based on conservative, moderate, or aggressive risk tolerances. You can also manage your investments yourself choosing from annuities, mutual funds, socially responsible investments, and more
- Q: Wondering if you’re saving enough—or how much to invest? A good rule of thumb is to contribute the maximum allowed each year. The earlier and more consistently you invest, the better your chances of reaching your goals—especially with the uncertainty of the future.
- Q: Can I have both a 401(k) and an IRA? Yes, you can. Just keep in mind that each account has its own contribution limits and withdrawal rules, so it’s important to understand both before getting started.
- Q: Roth vs. Traditional IRA? Technically, it is possible to lose all your funds during a market crash, however, it is unlikely. Market fluctuations are normal, and it is common for the market to lose value before it gains. It is important to stay patient and invested long-term. Historical trends point to the market increasing over the long-term.
- Q: How Many IRA Accounts Can I Have? There’s no limit on the number of IRA accounts you may have. However, the total of all annual IRA contributions cannot exceed the entire maximum contribution level set by the IRS. Just because you can have multiple IRA accounts doesn’t mean that it’s a good idea to have more than two—a traditional and a Roth IRA. The more investment accounts you have, the more difficult it is to manage your financial assets.
- Q: When can I take money out of my SlavicIRA account? You can take money from your IRA account at any time. The taxable portion of your distribution depends on the type of assets rolled over and the type of IRA you established. If you are not yet age 59½ when you take money out of your rollover IRA, you may be subject to a 10% early distribution tax on the taxable portion you withdraw unless an exception applies. For more information on tax exceptions, visit www.irs.gov
Slavic401k Disclaimers:
- There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. Diversification does not ensure a profit or protect against a loss. All investing is subject to risk, including the possible loss of the money you invest. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account.
- IRA Income Eligibility: Your employment status itself doesn’t prevent you from opening an IRA, but having earned income is generally a requirement for making contributions. There’s no income limit to contribute to a Traditional IRA, but your ability to deduct those contributions is phased out based on Modified Adjusted Gross Income (MAGI) if you’re covered by an employer retirement plan. For Roth IRAs, your MAGI directly determines if you’re eligible to contribute at all. Consult a tax professional for specific guidance.
- Traditional IRA Distribution Rules: Withdrawals from a Traditional IRA are generally taxed as ordinary income in the year they are taken. If taken before age 59½, they may also be subject to a 10% early withdrawal penalty unless an IRS exception applies, such as for a first-time home purchase (up to $10,000), qualified birth or adoption expenses (up to $5,000), qualified higher education expenses, total and permanent disability, death, certain unemployment-related health insurance premiums, unreimbursed medical expenses exceeding 7.5% of adjusted gross income, substantially equal periodic payments, or an IRS tax levy.
- Roth IRA Distribution Rules: Qualified withdrawals are tax- and penalty-free if the account has been open for at least five years and one of the following applies: you’re age 59½ or older, disabled, using up to $10,000 for a first-time home purchase, or deceased. Withdrawals before meeting these conditions may be subject to income tax and a 10% penalty. (Note: Each Roth conversion has its own five-year holding period.)
- If you inherit a Roth IRA, you must take RMDs, but they’re tax-free as long as the original account owner held the account for at least 5 years.
- The services provided to clients will vary based upon the service selected, including management, fees, and eligibility. You may wish to consult a tax advisor about your situation.
- Prior to rolling over, consider your other options. You may be able to leave money in your current plan, withdraw cash or rollover the assets to a new employer’s plan, if one is available and rollovers are permitted. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features and tax treatment. Speak with a Slavic401k mutual fund advisor or your tax advisor regarding your situation.
- The annual IRA limit applies to all your traditional and Roth IRAs combined. Check your eligibility, including income limits. If you’re a high-income earner, consider a backdoor Roth IRA. Rather than contributing directly to a Roth, you can contribute to a traditional IRA and then convert it to a Roth. All investing is subject to risk, including the possible loss of the money you invest. We recommend that you consult a tax or financial advisor about your individual situation.
