Open an IRA before April 15 to Save on the Prior Year’s Taxes

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One of the biggest benefits of opening an IRA prior to tax season is the ability to lower tax liability for the prior tax year. That’s because these contributions can be deducted from last year’s taxes all the way up until April 15. Because of this factor, many IRA holders rush to contribute during the month before the April 15 … Read More

What to Look for When Choosing an Investment Company for an IRA

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When an IRA is offered by your employer, there’s no need to choose an investment company. The company you work for will have already chosen one, and it will offer you a set variety of retirement account options. If you want to invest for retirement on your own, however, you’ll need to start by deciding which investment firm you want. … Read More

Basic Goals of an IRA

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Different types of Individual Retirement Accounts (IRAs) offer various savings options for retirement. IRAs help individuals create personal nest eggs for the future. Investing in an IRA for Retirement Selection of a traditional IRA or a ROTH IRA depends on your goals and needs. You may want to discuss the options with your financial or tax advisor, but in general, … Read More

When to Start Saving for Retirement

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At first, the answer to “when to start saving for retirement” seems simple. The sooner someone starts saving, the more that person will have when it is time to stop working. For most people, this means “immediately.” Life, however, is rarely as simple as that. When Is It a Bad Idea to Save for Retirement? The worst time to save … Read More

Differences between Popular Types of IRAs

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People starting to save for retirement will quickly find that many sources recommend using individual retirement accounts (IRAs) for this purpose. However, they will see that there is a bewildering array of accounts with this name. What is the difference between IRA accounts? Here is a quick overview to help clear things up: Roth IRAs While most IRAs are tax-free … Read More