What Does it Mean When Silver is IRA Approved?
What Are the Benefits?
IRAs provide retirement savings accounts with tax advantages that make investing for your future easier and are an excellent way to do it. Unfortunately, however, there are some restrictions associated with them; annual income limits for contributions made to traditional and Roth IRAs as well as required minimum distributions beginning at age 72 are two major ones. There are also numerous specialty accounts such as Simplified Employee Pension Plan for self-employed people and small business owners (SEP IRA), SIMPLE IRA plans available to employers of all sizes (SIMPLE IRA plans) as well as individual Retirement arrangements for individuals with complex tax needs or strategies (so-called backdoor Roth IRAs).
No matter if your employer offers retirement plans or not, an Individual Retirement Account (IRA) provides more control than a traditional brokerage account in terms of investments. Just keep in mind that an IRA was intended for retirement use and withdrawing funds before age 59 1/2 may incur penalties such as taxes and penalties; with certain exceptions such as purchasing your first home or covering education expenses.
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