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Roth 401k Resources |
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IRA and Roth IRA Resources: |
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An Individual Retirement Account or IRA is a retirement plan account that provides some tax advantages for saving for retirement.
There are a number of different types of IRAs, some being employer provided plans and others usually only being set up by an individual. The types include:
· Roth IRA - money is taxed before deposit, and then accumulates tax free on the earnings, and can be withdrawn tax free. · Traditional IRA - money is deposited before tax, money accumulates tax free on earnings until withdrawn at retirement, at which point the money is taxed. · Rollover IRA - no real difference in tax treatment from a traditional IRA, but the funds come from another type of retirement plan and are "rolled over" into the rollover IRA instead of contributed as cash. · Conduit IRA - Tool to transfer qualified investments from one account to another. In order to retain certain special tax treatments, funds may not be commingled with other types of assets, including other IRAs. · SEP IRA - for self-employed individuals. · SIMPLE IRA - A simplified employee pension plan similar to a 401(k) but with lower contribution limits and simpler administration
Source: Wikipedia.com
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