IRAs - Part 1 - Start with the Basics

The world of IRAs is a long and winding trail through the woods. You start off with a pretty clear path and the next thing you know, you are in the middle of a forest and have no clue which way to turn. While you may be able to open and service most account products in your sleep, there is nothing that brings more fear than hearing those three little letters - I R A.

We usually do not have enough practice opening these retirement accounts to make us comfortable. Worse yet, what if the member asks us a question we can't answer? Just understand, no one expects you to be an expert on IRAs. It usually takes several years to be able to finally feel like you can handle it.

This is Part 1 of a 4-part series that will get you on your way to finding your path forward.

Covered Topics

  • Overview of some of the most common IRA Terms
  • What IRA forms do we complete for new IRA members versus existing IRA members?
  • What are the contribution and deduction limits for the IRA plans including:
    • Traditional IRA
    • Roth IRA
    • Conversion Roth

While attending one part of the Webinar series may help, attending all 4 parts will give you the most comprehensive breakdown of the rules and regulations. Register for the entire event HERE.

It is recommended you have a copy of your IRA application, contribution and distribution forms as examples to use during the sessions.

Who Should Attend?

New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Member Service Representatives or anyone who is newly involved in the opening, selling, marketing, or administration of IRAs. Any supervisor/manager who "oversees" the IRA department and may be responsible for answering IRA member’s questions or concerns but does not actually open IRA accounts. Experienced IRA trainers or personnel who like a review of the basics and forms.