Individual Retirement Accounts (IRAs)

Roth IRA

A Roth IRA is an individual retirement account that requires you to pay taxes on money as you deposit it so you can enjoy tax-free withdrawals down the line. Decide if a Roth IRA, 401k or IRA is best for your retirement needs.

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Get personal finance retirement accounts 401k economy news, advice and information from leading personal finance site

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To grow your money over time, you can’t just save it; you need to invest it. Investing requires taking on some risk, which could lead to greater reward as well as loss. Learn the basics today.

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To fully enjoy your retirement, a sufficient retirement savings in the form of a 401k, IRA or Roth IRA — or all three — is crucial. Read expert advice on GOBankingRates and make the most of your retirement.

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Understanding Individual Retirement Accounts (IRAs)

An individual retirement account is an account in which individuals can deposit funds to save and grow their money for retirement. IRAs are one of several retirement account options that include 401ks and Roth IRAs. IRAs, sometimes referred to as traditional IRAs, allow you to make tax-free deposits now and pay taxes upon withdrawal down the line when you retirement. This a good way to go if you expect to be in a lower tax bracket upon retirement. Traditional IRAs require you to begin taking required minimum distributions at age 70 ½.

If your employer offers a 401k match, start with that. Next, compare IRAs with other options and choose your next step.

If you are a young adult, you might not be thinking about retirement. You might feel you have plenty of time to plan. But keep in mind that the years go by quickly, and before you know it, retirement will be right around the corner.