4. Taking the definitions of both a Roth and traditional IRA into account, explain how the rules apply to the use of both types of IRA’s, similarities between the type types, key differences between the two forms, and what types of items would be used typically to determine which type if more appropriate for a person to leverage?
5. Provide your own assessment of the situations where it might make sense to convert a traditional IRA to a Roth IRA for an individual.
6. After reviewing some of the common account-opening questions provided in the reading for this week, pick Three of these and explain how why these might be the more important questions from your own perspective and why the answers to these questions would sway your decision on the type of IRA to open.
7. There is often a lot of documentation required not only to open an IRA, but also to maintain it over time. Explain the various account opening documentation requirements, as well as the general requirements to maintain your IRA over time in terms of the documentation required.
8. Distributions are often the result of a successful IRA plan and lifetime of savings. Explain the rules that apply to executing distributions from your IRA account and the associated penalties that might apply if this is not done successfully.
