Thursday, August 25, 2011

The IRA Account

What is a IRA account? This is an account set up for retirement. It is commonly referred to as an individual retirement account.

It is basically a savings account to which a person may contribute up to $2000 of earned income each year the money will not be taxed until it is with drawn. You must reach the age of 59 1/2 before withdrawing funds from this account or there will be a 10% penalty paid. This is just one tool to help you further plan your retirement so research it and see if this is a plan for you.
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