Individual Retirement Account

Better known as an IRA, an individual retirement account is a type of account that is intended to help you save for your golden years. Designed to encourage people to save for their retirement, the IRA comes with tax breaks which you get either now or when you retire. There are two types of IRAs. The traditional IRA provides a tax deduction for some portion of the amount you put away. In contrast, with a Roth IRA you don’t get an upfront tax break but you do get to withdraw your savings plus profits without paying a single dime in taxes on that future distribution during retirement. With both types of IRAs, the interest, dividend and capital gains over the years are not subject to taxes. There are limitations to the amount you can stash away in an IRA each year, but you can invest in many different instruments – equities, mutual funds, bonds, exchange traded funds or keep it in cash. There are also penalties that come into play with both types of IRAs if you choose to take money out of the account “early” or before reaching 59 ½.

American Family

Short Company Name: 
American Family
Long Company Name: 
American Family Insurance

Wisconsin-based

Company Type: 
Insurance Company
Address
Street Address: 
6000 American Parkway
City: 
Madison
State: 
WI
ZIP Code: 
53783-0001
Country: 
USA
Phone Number: 
608-249-2111

Acacia Life

Short Company Name: 
Acacia Life
Long Company Name: 
Acacia Life Insurance Company

With national headquarters in Bethesda, Maryland, the Acacia Group, a

Company Type: 
Insurance Company
Address
Street Address: 
7315 Wisconsin Avenue
City: 
Bethesda
State: 
MD
ZIP Code: 
20814
Country: 
USA
Phone Number: 
800-444-1889
Fax Number: 
301-280-1161
Year Founded: 
1869

AARP

Short Company Name: 
AARP
Long Company Name: 
AARP Financial

Founded in 2005,

Company Type: 
Association
Address
Street Address: 
2 Highwood Drive Suite 202
City: 
Tewksbury
State: 
MA
ZIP Code: 
1876
Country: 
USA
Phone Number: 
866-218-6142

What is a traditional IRA?

An IRA, or individual retirement account, is an investment account designed to assist individuals in saving for their financial future. An IRA can be established by individual tax payers, where they can contribute up to the maximum allotted amount on an annual basis. Contributions to an IRA may be tax deductible, depending upon the individual tax bracket of the account owner.

FAQ Topics: 
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