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No Annual Fee IRAs
Armada’s No Annual Fee IRAs let you keep what you’ve earned, because there is no
annual fee. Armada Funds offers two No Annual Fee IRA alternatives: a Traditional IRA and
a Roth IRA. In addition, you can open Rollover IRAs, Spousal IRAs or Transfer IRAs through
Armada, using either a Traditional or Roth IRA structure. If you’re uncertain about the
differences between Traditional and Roth IRAs, Armada’s IRAs At-A-Glance may help.
IRA Contribution Basics
You can open an Armada No Annual Fee IRA with as little as $500 and there is no minimum for additional
investments. The maximum contribution in 2002 is $3,000 or 100% of your taxable income, whichever
is less. However, over the next six years, IRA contribution limits will be increasing:
| Year |
Maximum Annual
Contribution Limit |
| 2002 |
$3,000 |
| 2003 |
$3,000 |
| 2004 |
$3,000 |
| 2005 |
$4,000 |
| 2006 |
$4,000 |
| 2007 |
$4,000 |
| 2008 |
$5,000 |
Catch-up Contributions
If you’re worried that you may not have saved enough to reach your retirement goal, and you’re age
50 or older, you can make catch-up contributions to your IRA accounts. In addition to the maximum annual
contribution amount noted in the chart above, you may contribute $500 each year from 2002 through 2005 and $1,000 each
year during and after 2006.
Deadlines
The deadline for making IRA contributions for a given year is April 15 of the following year. For
example, a contribution for tax year 2002 may be made up until April 15, 2003.
Tax Credits for Low- and Moderate-Income Savers
You may get an additional tax break when you save for retirement! To encourage everyone to save
more for their retirements, the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)
established tax credits for low- and moderate-income savers who make voluntary contributions to
retirement savings plans or IRAs. The credit ranges from 10% to 50% of the contribution amount,
and is determined by your tax bracket.
| Tax Credit |
Individual Tax Filing |
Joint Tax Filing |
| 50% |
$0 – $15,000 |
$0 – $30,000 |
| 20% |
$15,001 – $16,250 |
$30,001 – $32,500 |
| 10% |
$16,251 – $25,000 |
$32,501 – $50,000 |
Armada IRA Choices
Investing in an Armada No Annual Fee IRA is easy. Just download an IRA Application and return it
to us along with your investment or invest online by clicking here. If you're transferring
assets from another company, we'll work with the custodian of your current account.
Traditional IRAs
Roth IRAs
Rollover IRAs, Transfer IRAs, and Spousal IRAs
If you would like to have Armada’s No Annual Fee IRA Investing Kit mailed to you, just click here.
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