Roth IRA Conversions
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.
If you're thinking about buying your first home, here are eight important steps to help you prepare with confidence.
In addition to a traditional savings account, it’s important to save up for emergencies, so take a look at your expenses and see how an emergency fund may benefit you.
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.
Did you know that financial literacy is simply understanding how money works? It’s about knowing how to earn, save, spend, and invest money wisely. Below are just a few reasons why learning about money should be important to you.
Remember the last time you learned a new shortcut that saved you both time and effort? Here are six amazing tools to help with your banking – all from the Renasant mobile banking app.
Most of us know the feeling of scraping the depths of a bank account at the end of the month. For some of us, it may be more of a regular occurrence than we like to admit. We don’t have all the answers as to why this happens, but here are a few things that could be the culprit in your great money conundrum.
At Renasant, we know how important your cell phone is to you. So, we’re here to help—just pay your cell phone bill from your Renasant Rewards Extra checking account and you’re covered—up to $800 per claim (and $1,600 per 12-month period).1,2