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Please explain IRA In Layman's terms? |
I want to know were to invest my pention funds Individual Retirement Account, if your money is before taxes you can contribute to a traditional IRA, this means you earn interest on the untaxed money. You are taxed when you make take the money out at retirement. Roth IRA, you take money that has already been taxed and are able to draw from it at retirement, without taxes. This is rumored to have been named for Ira Cohen, an IRS actuary who was working with them back in 1974. You can go to just about any bank, credit union, or find a financial advisor to explain in detail all aspects, what is allowed, what is not allowes (such as drawing out your money before age 59.5). IRA is an individual retirement account - depending on which type you choose, it just determines how taxes are handled on the money you put into it. I would talk to a financial adviser (there may be one associated with your bank) to discuss all the different options you have. See a competent financial advisor. An IRA is just a mutual fund designated for retirement. There are thousands of them to choose from so you need to know what your doing. |
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