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Roth IRA Information

A Roth IRA is a tax-favored account that allows anyone -regardless of age- with earned income to contribute up to $6000 annually ($7000.00 if age 50 or older). If you have a spouse and your joint income is within the allowable range, you can open separate Roth IRAs and contribute up to $6000 each ($7000.00 each if you are both age 50 or older), even if your spouse has no earned income. (However, your combined earned income must be at least $11,000 or $13,000 if you are both age 50 or older.)

The maximum Roth IRA contribution is phased out for those with adjusted gross income between $122,000 - $137,000 (single) and $193,000 - $203,000 (joint), or $10,000.00 for a married individual filing a separate return. Contributions are not tax-deductible, but can be withdrawn tax-free at any time. Earnings grow tax-deferred and can be withdrawn tax-free if your account has been open at least 5 years, and if you are over age 59-1/2, disabled, or using up to $10,000 to buy a first home. Earnings which are withdrawn without meeting these qualifications are subject to income tax and a 10% penalty.


IRA Information

  Traditional IRA contribution maximums for tax year 2019 are the same as the Roth IRA, however, there is no income limit unless the individual is contributing to an employer-sponsored retirement plan.

Traditional IRA deduction phaseouts for contributing to an employer-sponsored retirement plan are:
  • Single $64,000 - $74,000
  • Married filing jointly $103,000 - $123,000
  • Married filing separately $0 - $10,000
  • Spousal IRA $193,000 - $203,000

Keep in mind that investing involves risk. Past performance does not guarantee future results. The value of your investment will fluctuate over time, and you may gain or lose money. Investment return and principal value will vary and mutual fund shares may be worth more or less at redemption than the original purchase price. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or other depository institution. Shares are not federally insured by the FDIC, the Federal Reserve Board or any other government agency.

Ozark National Life

500 E. 9th Street
Kansas City, MO 64106

Phone: (816) 842-6300
Fax: (816) 471-6981
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Mutual funds are Investment Products

Life insurance provided by Ozark National Life Insurance Co.*
• (816) 842-6300
Mutual funds offered through N.I.S. Financial Services, Inc.*†^
• (816) 842-8685
500 E. 9th Street, Kansas City, MO 64106

* Wholly owned subsidiary of National Western Life Insurance Co.†
† Wholly owned subsidiaries of National Western Life Group, Inc.

^ N.I.S. Financial Services, Inc. is not a member of
Securities Investor Protection Corporation (SIPC).