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IRA- INDIVIDUAL RETIREMENT ACCOUNT

IRA- INDIVIDUAL RETIREMENT ACCOUNT

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IRA- INDIVIDUAL RETIREMENT ACCOUNT

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  1. IRA- INDIVIDUAL RETIREMENT ACCOUNT

  2. IRA- INDIVIDUAL RETIREMENT ACCOUNT • INDIVIDUAL RETIREMENT ACCOUNTIRA has changed the era of saving and retirement. The individual after the age of his fifties has relied on the savings of his past. It all happened through the medium of individual retirement account. The INDIVIDUAL RETIREMENT ACCOUNT brings together two tremendously powerful forces, both of which benefit you: Compound interest, and Tax savings. • IRA basically is a savings account with big tax breaks, making it an ideal way to sock away cash for your retirement. A lot of people mistakenly think an IRA itself is an investment – but it’s just the basket in which you keep stocks, bonds, mutual funds and other assets. An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis.It is a personal retirement savings plan available to anyone who receives taxable compensation during the year. For IRA contribution purposes, compensation includes wages, salaries, fees, tips, bonuses, commissions, taxable alimony, and separate maintenance payments.

  3. “An individual retirement account (IRA) allows you to save money for retirement in a tax-advantaged way.”Money in the IRA grows free from the clutches of Government. That is, the income from interest, dividends and capital gains can compound each year without taxes nipping away at it. • In addition, you also can escape taxes on either the money you put into the plan initially or on the money you withdraw in retirement, depending upon whether you choose a traditional or Roth IRA. Here the catch is that government puts certain restrictions on the money you put into IRA in a year. The limit varies in different countries depending on its policies. Generally, the limit increases with the age. • If you’ve got money that you can afford to invest for the long term, there’s really no reason not to open an IRA. Lethargy is not a good reason. Inertia is not a good reason. Keeping your eyes wide shut about your future is not a good reason.

  4. Compound interest becomes even more powerful when it is not held back by the drag coefficient of taxes. Here, the different types of IRA are explicated in front of you:Traditional IRA • A traditional IRA is a tax-deferred retirement savings account. You pay taxes on your money only when you make withdrawals in retirement. Deferring taxes means all of your dividends, interest payments and capital gains can compound each year without being hindered by taxes – allowing an IRA to grow much faster than a taxable account. • Roth IRAA Roth IRA is a retirement savings account that allows your money to grow tax-free. You fund a Roth with after-tax dollars, meaning you’ve already paid taxes on the money you put into it. In return for no up-front tax break, your money grows and grows tax free, and when you withdraw at retirement, you pay no taxes. That’s right – every penny goes straight in your pocket.

  5. Reference • Gold Ira Rollover • gold ira investing • gold ira companies • 401k to gold ira rollover • best gold ira companies companies • GESOCO.COM

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