Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
IMPORTANT: The projections or other information generated by the Planning & Guidance Center regarding the likelihood of various investment outcomes for your goals are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Your results may vary with each use and over time.
1. Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.
A distribution from a Roth IRA is tax-free and penalty-free, provided the 5-year aging requirement has been satisfied and one of the following conditions is met: age 59½, disability, qualified first-time home purchase, or death.
For a Traditional IRA, for 2020 full deductibility of a contribution is available to active participants whose 2020 Modified Adjusted Gross Income (MAGI) is $104,000 or less (joint) and $65,000 or less (single); partial deductibility for MAGI up to $124,000 (joint) and $75,000 (single). In addition, full deductibility of a contribution is available for working or nonworking spouses of plan participants who are not themselves covered by an employer-sponsored plan whose MAGI is less than $196,000; and partial deductibility for MAGI up to $206,000. For 2021 full deductibility of a contribution is available to active participants whose 2021 Modified Adjusted Gross Income (MAGI) is $105,000 or less (joint) and $66,000 or less (single); partial deductibility for MAGI up to $125,000 (joint) and $76,000 (single). In addition, full deductibility of a contribution is available for working or nonworking spouses of plan participants who are not themselves covered by an employer-sponsored plan whose MAGI is less than $198,000; and partial deductibility for MAGI up to $208,000. If neither you nor your spouse (if any) is a participant in a workplace plan, then your Traditional IRA contribution is always tax deductible, regardless of your income.
4. For traditional IRAs, penalty-free withdrawals include but are not limited to: qualified higher education expenses; qualified firm home purchase (lifetime limit of $10,000); certain major medical expenses; certain long-term unemployment expenses; disability; death; or substantially equal period payments.
The change in the RMD age requirement from 70½ to 72 only applies to individuals who turn 70½ on or after January 1, 2020. Please speak with your tax advisor regarding the impact of this change on future RMDs.
To be eligible for the Fidelity Personalized Planning & Advice program you must invest and maintain a minimum of $25,000, in the aggregate, in one or more of your program accounts. A program account will not be invested according to a selected asset allocation strategy until the account has a balance of at least $10.
System availability and response times may be subject to market conditions.
Diversification and asset allocation do not ensure a profit or guarantee against loss.
The images, graphs, tools, and videos are for illustrative purposes only.
Fidelity® Personalized Planning & Advice provides non-discretionary financial planning and discretionary investment management for a fee. Advisory services offered by Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment adviser. Discretionary portfolio management services provided by Strategic Advisers LLC (Strategic Advisers), a registered investment adviser. Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National Financial Services LLC (NFS), each a member NYSE and SIPC. FPWA, Strategic Advisers, FBS and NFS are Fidelity Investment companies. Any use of the words "we," "our," or "us" refers to one or more of these entities.
FPWA and Strategic Advisers also offer other advisory services, including Fidelity® Personalized Planning & Advice at Work, which is available exclusively through workplace savings plans that have selected FPWA and Strategic Advisers to provide advisory services to eligible plan participants. References to Fidelity® Personalized Planning & Advice refer solely to the investment advisory program described herein, and not to Fidelity® Personalized Planning & Advice at Work.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917