U.S. Individual Retirement Arrangements

The MoneyReady App offers limited support for these American plans. Specify the type as one of:

1. IRA: Covers IRA, SEP, SIMPLE 408(k), 403(b), and 401(k) - not Roth-flavoured plans
2. Roth 401(k)
3. Roth IRA

If you have entered a spouse, you will also be asked for a beneficiary as 'Spouse' or 'Other'. If the spouse of the account owner inherits the account in the TIME MACHINE, the account will be treated as the spouse's own.

To handle Required Minimum Distributions (RMDs) appropriately in the current year, we also ask for the balance of the account at the end of last year, and for the amount of all withdrawals in the current year. You should revise these amounts at the start of the year and any time you make a withdrawal.

To not have an early withdrawal penalty, the accounts are locked in until the owner turns 61.

We asssume the owner is now a Canadian resident permanently and deposits are not allowed.