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All
About IRAs
The Individual
Retirement Account (IRA) brings together three tremendously powerful forces,
both of which benefit you
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compound
interest
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tax savings.
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If you've got
money that you can afford to invest for the long term, there's really no
reason not
to open an IRA. Lethargy is not a good reason. Inertia is not a good reason.
Keeping your eyes wide shut about your future is not a good reason. Compound
interest becomes even more powerful when it is not held back by the drag
coefficient of taxes.
In those golden
years, you want to be able to go out and buy the gold-plated golf clubs,
jet out to Hawaii to circle the big island on a dolphin's back, savor the
flavor of fine French food, make generous contributions to a cause that
stirs your passions, or hire a trainer to help you get in shape for your
Space Shuttle mission. You also want the opportunity to become your family's
Most Beloved Ancestor -- the more you save, and the more you have at the
end of the day, the more you're likely to have left over to spread around
to your heirs. So you're really doing everyone a favor -- yourself included.
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The language
of IRAs is often clouded with terms like "AGI" and "minimum
distributions" and "rollovers." Yes, you'll find those self-same
terms here, but we'll do our best to make it all meaningful and digestible.
To that end we've added a little glossary
to have as a handy reference.
So, here we
present most everything you'd like to know about IRAs. Your mouth will drop
open in glad delirium as you learn that there are actually 11 (count 'em,
11!) types of IRAs. You'll find out about the eight exceptions to the 10%
penalty. You'll journey through the land of Roth, and determine whether
you should take advantage of the IRA that carries its name. (Hey! This is
starting to sound like an epic!) You'll learn about Education IRAs, contribution/deduction
limits, and rollovers.
next: The 11 Types »
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