ELearning - Finance
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (General) North American (US General American - GenAM)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
an individual retirement account. IRA is a tax advantaged retirement account that you own and control. Earnings generated can compound on a tax deferred basis until withdrawal. There are two types of IRAs, traditional and Roth. Both types allow the same maximum annual contributions based on your age. The maximum is reached when you're combined. Contributions to all of your IRAs meets the limit. The two types of IRA differ in their qualifying criteria. Withdrawal restrictions and tax implications. Traditional IRAs offer potential for tax deductible contributions, depending on your income level, participation in a workplace retirement plan and marital status. Otherwise, contributions may be made post. Tex Roth IRAs do not permit tax deductible contributions. However, contributions with post tax dollars can be withdrawn tax free. If you are not eligible for tax deductible contributions to a traditional IRA do toe a higher income, you may be eligible for a Roth IRA