We know saving for retirement is a top priority for many investors. No matter where you are in the planning process, you may have questions. We can help. Check out the questions we've already answered, or if you're a Fidelity customer, submit your own. We'll post replies to selected questions on a weekly basis.
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Ken and Sarah answer your questions
For more than 60 years, through all kinds of market conditions, Fidelity has been helping people like you pursue their financial goals. Ken Hevert and Sarah Walsh, who lead our Ask Fidelity team, have spent decades helping investors understand retirement strategies. They can help put Fidelity’s expertise to work for you.
Q&A for Answers to Customer Retirement Questions Category
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You can view my video response regarding your options here: https://www.fidelity.com/retirement...
You can view my video response regarding the options and things to consider here: https://www.fidelity.com/retirement...
You can view my video response to this very important question here: https://www.fidelity.com/retirement...
Thank you for your questions. First, the employee stock ownership plan (ESOP) disbursement you’re rolling into your IRA does not have an effect on whether you’re eligible to contribute the maximum annual amount of $5,500 (or $6,500 for those over 50) to your IRA. With the ESOP disbursement essentially being a rollover contribution and not an annual contribution, you’re still eligible for an annual contribution directly to your IRA. Although Roth IRA contribution limits are based on your income level, Traditional and Rollover contributions are not limited by annual income.
Your ability to make a fully deductible or partially deductible contribution for 2015, however, is affected by your income level. Here’s a link to our IRA Contribution Limits and Deadlines page on Fidelity.com. The information here can help you understand more about whether you’re eligible for a full or partial deduction for tax year 2015:
I hope you find this information helpful. Thank you again for your questions!
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