If you’ve ever wondered “ what does IRA stand for ?”, then you may be surprised to find out that the IRS defines it as an “individual retirement arrangement”. This is slightly different than the common definition of an “individual retirement account”. Although similar, an individual retirement account is simply one form of the broader range of individual retirement arrangements that exist under the US Publication 590 (the laws where IRA’s come from). … [Read more...]
A Guide to Finding the Best IRA Accounts
You have done all the research on the various retirement accounts available to you and you’ve decided that you want to go with an IRA. It’s a good choice because you get several tax benefits that can help you save as much money as possible for your golden years. With a traditional IRA, you get your tax benefit on the front end, meaning you don’t pay taxes on anything in your account until you withdraw the money. With a Roth IRA, you pay taxes on the amounts deposited into your account at the time they are deposited, but you won’t pay taxes when you make your withdrawal, as long as you follow the IRS regulations governing these types of … [Read more...]