I Want To Retire Some Day...
Can I Contribute To An IRA?
Wouldn’t It Be Nice If We Were Older? Then We Wouldn’t Have To Wait So Long And Wouldn’t It Be Nice To Live Together In The Kind Of World Where We Belong?
Wouldn’t It Be Nice, Beach Boys
Financial security was probably not what The Beach Boys were singing about. But wouldn’t it be nice to have a few bucks of your own? A little independence? Isn’t that “the kind of world where we belong”? Maybe not completely relying on Social Security?
You choose from two types of Individual Retirement Account: Traditional or Roth. Traditional IRA, you deduct contributions when the money goes in and pay income tax on distributions when the money comes out. Roth IRA, you pay tax on contributions when the money goes in and do NOT pay income tax on distributions when the money comes out.
Concerned about skyrocketing income tax rates? Roth IRA for you! Want to dump more money into the account now and worry about taxes later? Traditional IRA at your service. Read More