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Which IRA Is Best For You?
Copyright © 2005, C.C. Collins
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An Ira is one of the greatest ways to save on taxes currently
and accumulate money for the future.
For individuals three types of IRA's will normally come under
consideration.
- The Traditional or Regular IRA
- The Education IRA
- The Roth IRA
Education IRA is now called the Coverdell Education Savings
Account (ESA).
Education IRAs allow you to save for qualified higher
educational expenses for a beneficiary. Parents and guardians
are allowed to make nondeductible contributions to an education
IRA for a child under the age of 18.
Contributions are allowed prior to the beneficiary turning 18,
and contributions may not exceed $2,000 per beneficiary per
year.
Contributions are made with after-tax dollars. There is NO
deduction for the contribution. Withdrawals, however, are
tax- and penalty-free when adhering to certain rules.
The traditional IRA allows you to contribute an amount and take
a current deduction for the contribution. Withdrawal minimums
must begin at a certain age and all withdrawals are taxable at
the rate applicable when withdrawals are made. The main benefit
is that any growth or gains remain free from taxation up to the
point of withdrawal. Thus you would be getting tax-free
accumulation.
The Roth IRA is perhaps the simplest - and potentially the
most effective - sheltered account available.
Roth IRA has a tax structure different from any other IRA:
contributions are after-tax (no deduction is available) but
growth is tax-free; AND once you put your money in you NEVER
pay taxes again.
Additionally, unlike a regular IRA, a Roth IRA does not require
that you start withdrawing funds at age 70˝ or any other time.
It's more flexible...
Since you have already paid taxes up front, there are no
minimum distribution requirements and since withdrawals are
not reportable income, they won't affect your adjusted gross
income during retirement.
There are special techniques and strategies in creating and
managing ANY IRA that create some huge benefits for the right
person under the right circumstances.
If you've ever been successful investing in things other than
stocks and bonds, you've probably wished that these investments
could be included in your IRA, 401(k) or other tax-deferred
retirement plans.
Amazingly to most people it's possible to have retirement
dollars in vehicles such as:
- Real Estate
- Limited Liability Corporations,
- Private Stock Offerings,
- Trust Deeds,
- Mortgage Notes,
- Leases and Lease Options,
- Joint Ventures,
- U.S. Treasury Gold and Silver Coins,
- Gold Bullion and many others.
While some investors are privy to the information above, most
people are just clueless to the fact that they have a lot more
avenues for investing than what their Wall Street Journal tells
them.
If you are interested in exploring what your financial advisor
knows that you don’t, including where they put THEIR money for
strategic returns and investments, you can check out my free
site on IRAs at http://www.irainfo4u.com.
More information about these strategies are also presented in
my new book, "Scientific Wealth Strategies.”
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The article on this page is Copyright © 2005, C.C. Collins
You are not required to show the creative commons license
notice when you reprint this work.
This work is licensed under a
Creative Commons License.
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