Total Financial Solutions | Misconceptions Individual Retirement Accounts
September 30, 2014
Host: Arif Halaby
Today Arif and Jeff talked about retirement accounts, specifically Individual Retirement Accounts.
An Individual Retirement Account is a form of “individual retirement plan”,provided by many financial institutions, that provides tax advantages for retirement savings in the United States. An individual retirement account is a type of “individual retirement arrangement” as described in IRS Publication 590, Individual Retirement Arrangements (IRAs). The term IRA, used to describe both individual retirement accounts and the broader category of individual retirement arrangements, encompasses an individual retirement account; a trust or custodial account set up for the exclusive benefit of taxpayers or their beneficiaries; and an individual retirement annuity, by which the taxpayers purchase an annuity contract or an endowment contract from a life insurance company.
Arif and Jeff talked about some tips and misconceptions about Individual Retirement Accounts.©2014 KHTS AM-1220 | SCVTV