Where can one get a individual retirement account?

Answer 1

An Individual Retirement Account is an investment tool used by individuals to earn and earmark funds for retirement savings. There are several types of IRAs: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs.

Traditional and Roth IRAs are established by individual taxpayers, who are allowed to contribute 100% of compensation (self-employment income for sole proprietors and partners) up to a set maximum dollar amount. On the other hand, SEPs and SIMPLEs are retirement plans established by employers. Individual participant contributions are made to SEP IRAs and SIMPLE IRAs.

Answer 2

Having an individual retirement account is a good idea for a few reasons as you can put money into it, and not worry about spending it on another purchase. Having a second account also prevents you from being locked out of your money by losing your card, or other reasons an account might get frozen.

Answer 3

IRA stands for Individual Retirement Account. The Federal Government provides for these type of accounts so you can put money in them each year that is protected from income tax and any gain on these investments over the years is protected from income tax.

Answer 4

Individual retirement accounts or IRAs are savings accounts for use when you retire. They are opened often for their tax breaks. You can open one at the bank but there are restrictions, not everyone can have an IRA. Your income and employment status can effect your eligibility. There are also several types of IRAs. They are Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs.

Answer 5

An IRA, or Individual Retirement Account, is basically a savings account for retirement. The difference between an IRA and a regular savings account is that an IRA gets special tax breaks from the government. There are several different types of IRA accounts, including traditional and Roth accounts.