Traditional and Roth IRAs

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Posted on 27th July 2011 by Rita in Annuities |Retirement and Estate Planning

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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…)

SEP & SIMPLE IRAs

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Posted on 26th July 2011 by Rita in IRA |Retirement and Estate Planning

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What is a SEP IRA? 

  • Simplified Employee Pension Individual Retirement Account
  • A version of the IRA adopted by self-employed persons, and business owners.
  • Gives the self-employed person away to fund their retirement programs with pre-tax dollars as if under a (more…)