Q: My company has a defined pension plan that it funds entirely. In addition, I contribute 16 percent of my salary to its matching 401(k) plan. Can I also contribute to a Roth account? If so, how much? — J. E., Davenport
A: For individual Roth accounts, eligibility depends on income. Those with modified adjusted gross income of less than $112,000 for singles or $178,000 for married may contribute up to $5,500 ($6,500 for age 50 and over). If your income is between $112,001-$126,999 (single) or $178,001-$187,999 (married), the contribution amount is reduced incrementally and phased out completely for those whose incomes exceed the amounts above. — John Pinkley
Q: I am 76, and my wife is 71. We have a considerable amount of money in savings. We have no debt and live comfortably, but most of my pension income will stop on my death. Should I invest in an annuity or keep the money where it is and hope rates improve? — J.M., Orlando
A: You might want to consider using a portion of your savings to purchase a guaranteed lifetime income variable annuity. Current contracts are offering 5 to 6 percent compounding on the income benefit. — Randy Harrison
Have a question? E-mail email@example.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by certified financial planners from the Central Florida chapter of the Financial Planning Association. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.