In 1997, the Roth IRA was introduced. This new IRA allowed for contributions to be made on an after-tax basis and all gains (or growth) to be distributed completely tax-free. Since then, people with incomes under $100,000 have had the option to convert all or a portion of their existing Traditional IRAs to Roth IRAs. Beginning in 2008, participants with funds in eligible employer-sponsored plans could also roll those funds directly over to a Roth IRA in a qualified rollover if their income did not exceed the $100,000 threshold. Starting in 2010, all IRA owners and participants in eligible employer-sponsored plans, regardless of income level, are eligible to convert their Traditional IRA and pre-tax funds in an employer-sponsored plan [401(a)/(k), 403(b) and governmental 457(b)] to a Roth IRA. Is this a good option for you? A conversion has both advantages and disadvantages that should be carefully considered before you make a decision. This calculator compares two alternatives with equal out of pocket costs to estimate the change in total net-worth, at retirement, if you convert your Traditional IRA into a Roth IRA.
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
It was a tough weekend all around for SEC officials as huge missed/blown calls were prevalent in several games. Oddly enough, it was also time for SEC officials to do their annual Take Your Daughter to Work Day.
Do you want to start a business, but have no idea how to get started when it comes to securing the capital? Fortunately, Renasant exists to help turn big ideas into thriving businesses.
Renasant is proud to present Dream Together – an exciting behind the scenes look at Nashville SC, narrated by Kirk Herbstreit. Follow along as the Boys in Gold take the pitch for the Music City for their second season in the MLS. #EveryoneN
At Renasant, we want you to bank in style, and even get rewarded when you do so. Renasant Rewards Extra has a number of extra benefits. From access to insurance to refunds, this is truly the checking account that checks all the boxes.
Yogi Dada, artist and business owner, shares her story of a life submersed in art and how and why she started her business.
Learn about LPGA Tour Winner Ally Ewing, and see why she chooses Renasant to simplify her banking.