Skip to main content
No. of Recommendations: 0
jlmanatee writes (in part):

My company provides me with a pension plan, but it is not one in which I may make contributions. We also have no 401K plans or the like, I'm single and my AGI is over $40K Does this make me a participant (in a qualified retirement plan) and therefore unable to invest in a traditional deductable IRA?

I reply:

It sounds like you have a defined benefit plan (as opposed to a defined contribution plan). If so, then you cannot deduct an IRA contribution, and your options are a non-deductible traditional IRA and a Roth IRA (assuming that you don't make more than the $95,000-$110,000 single, $150,000-$160,000 married, phase-out range for a Roth). Obviously, if these are your choices, the Roth IRA is the way to go. --Bob
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.