Individual Retirement Account

An Individual Retirement Account or IRA is a "must have" for a comfortable retirement. The good thing about this savings account is that you can select from the variety of IRAs available, wherein each has different benefits and tax structures. Many investors believe that the most efficient retirement vehicle is a self directed Roth IRA. The most distinct characteristic of Roth retirement accounts is that the funds you will contribute can be distributed when you reach your retirement age without tax. Though, you should understand that your contributions to a Roth are being added on an after-tax-basis. This means that the contributions are not allowed to be deducted from your federal income taxes. In this retirement plan, you make use of after-tax money in which you don't have to recompense any federal income tax on the amount that you will withdraw or distribute when you retire. Another significant benefit of a Roth IRA is you don't have to worry about age restrictions in making…

How to save money for your retirement without a 401k There are alternatives to a 401k that has tax advantages. When considering saving for retirement, most people will receive the advice to acquire a 401k. But many individuals do not have access to a 401k through their workplace. The statistics for those that do not have access is around 31% of the workforce. It is still possible to save for retirement if you are among those workers that do not have access to the 401 k retirement plan.…

One important issue that Millennials overlook when saving for retirement are inflation rates. When saving in retirement accounts, it is best to know that inflation will affect present dollars put into the account in the future. Inflation rates reduce purchasing power and the interest rate in your savings account will likely be below the rate of inflation. The rate of inflation is increasing more than the amount of the savings account. Also, budgets are important to help Millennials have enough…

At Bank of America, I was an Operations Team Lead for the Los Angeles Fulfillment Operations department. We fulfilled statements, items and research inquires for our customers. Our customers included internal associates, consumers, and legal and government entities. This involved working with many bank products such as, checking, savings, certificate of deposits, individual retirement accounts, brokerage accounts and credit cards accounts. With a team of twenty-five associates, we would fulfill…

needs, such as social acceptance” (Hagler & Plessman, 2015, 187). An individual will go to work and earn a paycheck that will be enough to satisfy their personal needs and by doing so will also be socially accepted by their co-workers and family. On the other hand, the workplace will hire workers based on three distinct traits, the employees’ skills, aptitudes and personality (Hagler & Plessman, 2015). Workers select jobs because of their perception that the job will satisfy their needs, and…

Nearly everything I do is with the future in mind. I am frequently thinking of how my present actions will benefit me, my fellow man, and/or some worthy cause. One good example occurred about a year ago when I started preparing for the latter portion of my life. I was speaking with my financial advisor at Edward Jones about what wise investments I should be making financially in the present. She spoke of how starting a Roth IRA (individual retirement account) would benefit me immensely in the…

cosmic waves, but in a simpler interpretation, photography captures moments to allow people to see outside their neighborhood, county, city, state, and country. The interpretation also relates to the nature of a photographer’s work. Depending on the photographer’s job, he or she basically record events, tell stories, advertise, and create art. Now, photographers will categorize themselves by what type of photography they want to specialize in; however, if the types are googled the internet will…

pension plans, defined benefit plans and defined contribution plans A defined contribution plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. individual accounts for participants and benefits are set are based on the amounts credited to these accounts plus any return on investment of the money in the account. Only employee contributions to the account are guaranteed, no future benefits. In defined contribution plans, future benefits…

plans A defined contribution plan is a retirement plan in which the employer, employee or both make contributions on every salary cycle. Retirement accounts for employees and benefits are set are based on the amounts deposited to these accounts plus any gain or loss on investment of the money deposited in the retirement account. Only employee contributions to the retirement account are guaranteed, future retirement income cannot precisely predicted. In defined contribution plans, future…

retire, and very soon there will be a drastic increase in the number of recipients of Social Security retirement benefits. In addition, life expectancy has increased to 79.8 years as of 2016, the highest it has ever been in the United States. This means that the large Baby Boomer generation will very likely be receiving Social Security benefits for longer than any previous generations. In addition to this data, the birth rate of the United States has been declining since 1976, despite a small…