There are many ways to save for one’s retirement. It is very important to be well informed especially because few employers do offer retirement plans. Even in cases where it is offered corruption and mismanagement abound. It means that individuals have to be proactive in managing their retirement saving. There are two types of Ira; the traditional Ira and the ROTH Ira.
By choosing this retirement savings plan you make monthly or yearly contributions into an IRA account. These savings are not taxed until withdrawn. Ira contributions can be held at a bank or brokerage firm and can be invested in any choice of ventures including stocks, certificates of deposit or mutual funds. All earnings and profits will remain untaxed as long as they remain in the account.
What are the main reasons for choosing a traditional Ira over the ROTH Ira or any other way of saving for retirement? The main advantage of the traditional Ira is the tax savings offered. Also the tax benefit is applied immediately in the same year of contribution. If a contributor will be at a lower tax bracket upon retirement, then the contributions will be taxed at a lower bracket upon withdrawal. This...
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