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What is IRA FUND & Vanguard? |
I want to invest my money but I don't know what they are and what they do. & how much to put in and how much to expect it will invest into. An IRA is an individual retirement account. It's a tax shielded account, which means once you set it up and put money in it, let's say for example $1000, any investment earnings you make are not taxed when you earn it. If you have a traditional IRA, you will have to eventually pay taxes on the earnings once you take them out of the IRA. If you have a Roth IRA, you never have to pay taxes on the earnings. An IRA is just a type of account, but you can purchase anything with your IRA account funds. You could buy stocks, bonds, or even real estate. There's yearly contribution limits. In 2007, the limit is $5000 for those under age 50. Vanguard is an investment management company. You could open your IRA through Vanguard, Fidelity, or any other brokerage company you want. |
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