An individual retirement account (IRA) is a personal savings plan that offers specific tax benefits while helping you achieve your retirement goals. IRAs are one of the most powerful retirement savings tools available to you. Even if you're contributing to a 401(k) or other plan at work, you should also consider investing in an IRA.
You should understand the differences between a Traditional IRA and a Roth IRA before choosing the type of IRA that's best for you. Traditional IRA contributions can be deductible or nondeductible. Once you turn age 70 ½, you are required to take a minimum distribution each year.
- Contributions can be tax-deductible or non-tax deductible (Consult with your
- Earnings grow tax-deferred until withdrawn after age 59 ½, at which time they are taxed at your current rate
- Wide range of investment options available
- Minimum annual withdrawals are required when you reach age 70 ½ (known as required minimum distributions)
- Your ability to make deductible contributions may be reduced or eliminated if you are covered by an employer-sponsored retirement plan, and varies based on your income
- No contributions can be made after age 70 ½
- Beneficiaries pay income tax on proceeds after your death
- In 2010, most taxpayers regardless of income or tax filing status will be able to convert a Traditional IRA to a Roth IRA.
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- Limits apply for 2015 and are subject to change in the future.
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