There are several types of IRAs: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. Traditional IRA contributions are often tax-deductible, all transactions and earnings within the IRA have no tax impact, and withdrawals at retirement are taxed as income (except for those portions of the withdrawal corresponding to contributions that were not deducted). Depending upon the nature of the contribution, a traditional IRA may be referred to as a "deductible IRA" or a "non-deductible IRA." Roth IRA contributions are made with after-tax assets, all transactions within the IRA have no tax impact, and withdrawals are usually tax-free. A SIMPLE IRA is a type of tax-advantaged employer-provided retirement plan in the United States that allows employees to set aside money and invest it to grow for later use. SEP IRAs are adopted by business owners to provide retirement benefits for the business owners and their employees.
Pelosi says it won't be long before health care bill passes; Dems add student loans to package Under White House pressure to act swiftly, House and Senate Democratic leaders reached for agreement Friday on President Barack Obama's health care bill, sweetened suddenly ...
Individual investors can make an impact on its price Once upon a time, the Chinese government forbade ownership of all precious metals. But now, the ban has been lifted. In fact, China just introduced silver bars for investment. And now, state-run China ...
Health care plan could also help resurrect college aid plan Congressional Democrats want a stalled overhaul of college aid programs to get strapped onto a fast-track health care bill, giving both Obama administration priorities a better chance of passage. The student loan ...
WASHINGTON (Reuters) - President Barack Obama's stalled bid to overhaul the federal student loan program by cutting subsidies to private lenders and increasing aid to students received a boost on Friday. Democratic congressional leaders agreed to fold Obama's student-loan proposal into a ...
Workers struggle to save for retirement, more report they have nothing set aside Tom Taormina is 65 and has no retirement savings. The Virginia City, Nev., business consultant said it's not for lack of trying. He and his wife, Midge, have tried ...
Chart compares personal savings and corporate cash flow since Copyright 2010 AP News
Spending grows 0.5 pct in January while incomes lag, raising worries about economic recovery Personal spending jumped by a larger amount than expected in January but Americans' incomes barely budged as millions of Social Security recipients did not get their usual cost ...
<div id="subtitle">It's a clever gimmick, but it will cost you.</div><div><p>First there were credit cards that offered frequent-flier miles. Then there were cards that offered cash-back rewards and gas rebates. Now you can funnel your credit-card rewards into retirement savings. Sounds like a ...
<div id="subtitle">Retirees won't have to take a minimum distribution from their accounts next year, but the question remains whether they'll get a break this year, too.</div><div><p>Seniors whose retirement accounts have been battered got half a loaf from Congress this week when lawmakers ...
<div id="subtitle">IRA owners must act quickly to take required 2008 payouts.</div><div><p>The Treasury Department decided Thursday not to grant relief in 2008 from rules that require Americans 70 1/2 and older to take minimum annual withdrawals from their IRAs, 401(k)s or other retirement ...
