Personal Finance Buzz

Since the conception of the Individual Retirement Arrangement (IRA) in 1974 from the Employment Retirement Income Security Act (ERISA), it has helped thousands of individuals to save money for a comfortable retirement. Over the years, the types of IRAs have evolved and increased in number.
Although, this gave contributors more options to choose from, in some ways, it made it hard for some to select which one to use right away. The types of IRA available are SEP IRA, Simple IRA, Self-directed IRA, and the two most popular types: Roth IRAs and Traditional IRAs.

How well do you know your IRA?

Whether you already have a type of IRA in mind or in the process of choosing one, it is important to know the facts behind each type. The background and particulars of both Roth and Traditional IRAs, two of the most popular types of IRA available, are significant and learning about them will help you to see which one is more applicable to you and your current status...

Since the conception of the Individual Retirement Arrangement (IRA) in 1974 from the Employment Retirement Income Security Act (ERISA), it has helped thousands of individuals to save money for a comfortable retirement. Over the years, the types of IRAs have evolved and increased in number.
Although, this gave contributors more options to choose from, in some ways, it made it hard for some to select which one to use right away. The types of IRA available are SEP IRA, Simple IRA, Self-directed IRA, and the two most popular types: Roth IRAs and Traditional IRAs.
How well do you know your IRA?

A plunder into the depths of not only a traditional IRA, but also its cousin, the Roth IRA, that will bring to light many of the differences they thought they could keep buried.

Looking at the benefits of Roth and Traditional IRAs

There is still time to contribute to your 2010 retirement accounts. If you’re starting your 2011 contributions with the new year, consider the limits for 2011 are not changing. The combined contribution limit across traditional and Roth IRAs is $5,000.

There is still time left to contribute to 2010 Traditional and Roth IRAs. You have until you file your 2010 taxes to make that contribution. Federal taxes for 2010 will be due on April 18, 2011, so this is the deadline for establishing your 2010 IRA.