$$Talk

Today’s $$ Word: IRA.

IRA: Stands for Individual Retirement Account. You can put money in and it’s tax-deductible, but you will have to pay income tax on it when you make a withdrawal. It’s a more advantageous vehicle than a regular 401k. Just keep it real, though: this is not a given for you. Remember, during the financial crisis, a majority of Americans nearing retirement age had $30k in their accounts, which was a disaster. Not to be Debbie Downer, but that could happen again. Keep that in mind, especially in an aggressive stock-heavy plan.

By | 2017-01-23T08:55:13+00:00 June 9th, 2014|Word of the Week|0 Comments