Is A Retirement Plan An Ira?

  1. 1000 POINTS
    Tyler Maddox
    Retirement Specialist, Cambridge Financial Group, Greenville, SC
    An IRA is just one type of retirement plan. An IRA (Individual Retirement Account) is specifically designed for individuals to save for retirement on a pre-tax basis. When funds are withdrawn at retirement they are then taxed.

    There is also an account called a ROTH IRA. This allows a person to save for retirement on an after-tax basis. When the funds are withdrawn at retirement they are then tax-free.

    An IRA is not the only type of retirement plan. There are many other employer based options.
    Answered on October 1, 2013
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