What is an IRA?
- IRA stands for: Individual Retirement Account.
- Basically an IRA is a savings account providing big tax breaks and making it an excellent savings vehicle for your retirement cash.
- Introduced in 1974 under the Employment Retirement Security Act and for a time was restricted to workers who did not have coverage with a qualified employment based retirement plan. This changed in 1981 with the Economic Recovery Tax Act, allowing all taxpayers under the age of 70½ to contribute to the IRA.
- There are several different types of IRAs: Traditional IRAs, Roth IRAs, SEP IRAs, and Simple IRAs.
What is a Roth IRA? (more…)
If so… you have four options when leaving an employer where you have contributed to their 401k plan.
Keep it in your current plan
Transfer current 401k plan to new 401k plan with new employer
Cash out your 401k
Rollover – Move it to another qualified retirement account.
You may be wondering what options are available for your retirement plan… Whether you are changing employers or retiring. North Coast Life offers you choices in moving your retirement plan to a Traditional or Roth Individual Retirement Account (IRA). Lets go over what other options you have when you are in this situation.
First – Review your Needs:
Before making a decision on what to do with your retirement money, it is important to answer (more…)
Inherited IRA aka: Beneficiary IRA
An Inherited IRA is an individual retirement account (IRA) that is left to a beneficiary after the owner’s death and usually are received from a parent, but can be from anyone other than your spouse.
IRAs are among the largest assets left to beneficiaries. Since Inherited IRAs are specifically (more…)