Can my retirement account invest in real estate that I purchase for leasing to unrelated tenants?
Q. If I have a retirement account, say a 401k or an IRA, can I use those funds - not to borrow - but as an investment in a mutli-tenant residential apartment complex that I will be leasing to unrelated tenants to derive income? How is this done? Who do I talk to about the details?
Asked by Michele L - Wed Oct 3 11:18:07 2007 - - 2 Answers - 0 Comments
A. If you can find an IRA trustee to do it, it is allowed. But with strict limitations, including: Your IRA must own the real estate strictly as an investment, which means no use by you or certain family members. The IRA trustee must also hold legal title to the property. And finally, your IRA must have sufficient liquid assets (either from other investments in the account or from your annual contributions) to cover any costs associated with owning the real estate. My guess is that the trustee, if you could find one that will do it, will charge a large annual fee to handle it.
Answered by Auntie Mame - Wed Oct 3 16:43:26 2007
Q. If I have a retirement account, say a 401k or an IRA, can I use those funds - not to borrow - but as an investment in a mutli-tenant residential apartment complex that I will be leasing to unrelated tenants to derive income? How is this done? Who do I talk to about the details?
Asked by Michele L - Wed Oct 3 11:18:07 2007 - - 2 Answers - 0 Comments
A. If you can find an IRA trustee to do it, it is allowed. But with strict limitations, including: Your IRA must own the real estate strictly as an investment, which means no use by you or certain family members. The IRA trustee must also hold legal title to the property. And finally, your IRA must have sufficient liquid assets (either from other investments in the account or from your annual contributions) to cover any costs associated with owning the real estate. My guess is that the trustee, if you could find one that will do it, will charge a large annual fee to handle it.
Answered by Auntie Mame - Wed Oct 3 16:43:26 2007
How do you start a retirement account when your employer does not offer one?
Q. I am 24 years old and plan on retiring when I am 65 years old. Questions: - Do I go to my bank or somewhere else to get started? Any suggestions? - How do I know how much to put in each month? - Once I start an account, is it a required bill, what if I have an emergency and can't afford to put in that month? - What about the economy, you hear about people losing everything in their retirement accounts right now, how do I protect myself from that happening? Thank You.
Asked by Chad B - Tue Jun 30 14:34:40 2009 - - 6 Answers - 0 Comments
A. Bank would be able to help as well as your nearest State Farm insurance agent.
Answered by HBIC - Tue Jun 30 19:30:58 2009
Q. I am 24 years old and plan on retiring when I am 65 years old. Questions: - Do I go to my bank or somewhere else to get started? Any suggestions? - How do I know how much to put in each month? - Once I start an account, is it a required bill, what if I have an emergency and can't afford to put in that month? - What about the economy, you hear about people losing everything in their retirement accounts right now, how do I protect myself from that happening? Thank You.
Asked by Chad B - Tue Jun 30 14:34:40 2009 - - 6 Answers - 0 Comments
A. Bank would be able to help as well as your nearest State Farm insurance agent.
Answered by HBIC - Tue Jun 30 19:30:58 2009
Should I pay off student loans or start a retirement account?
Q. I just graduated from college and will start to have to pay student loans within the next 5 months (about $13k) . I am also very interested in starting out a retirement account soon. I have been told that I can open an IRA for as little as $50 a month. Should I start to pay off the debt or start a retirement account? What is the best place to invest? I am 23 years old.
Asked by BeenThereDone That - Fri Feb 6 16:11:26 2009 - - 5 Answers - 0 Comments
A. Start your IRA. Student loan interest is soo low, and doesn't really affect your credit.
Answered by abs - Fri Feb 6 16:22:41 2009
Q. I just graduated from college and will start to have to pay student loans within the next 5 months (about $13k) . I am also very interested in starting out a retirement account soon. I have been told that I can open an IRA for as little as $50 a month. Should I start to pay off the debt or start a retirement account? What is the best place to invest? I am 23 years old.
Asked by BeenThereDone That - Fri Feb 6 16:11:26 2009 - - 5 Answers - 0 Comments
A. Start your IRA. Student loan interest is soo low, and doesn't really affect your credit.
Answered by abs - Fri Feb 6 16:22:41 2009
when rolling over individual retirement account is it better to have the funds transferred or get the check ?
Q. I have heard that the institution issuing the check will withhold taxes, but if you have the funds transfered, this will not happen in the case of rolling over your IRA, or individual retirement account, you will get a 1099 for tax purposes. To explain better this is when you have an IRA account with a bank or a certain institution, and you are planning to take your account to another institution, within 60 days, and put it in another IRA account.
Asked by Emily - Tue Jun 13 20:20:46 2006 - - 7 Answers - 0 Comments
A. I work at a bank, you definately want to transfer the funds so you don't receive any penalties and don't become tempted to spend the money before retirement. You will need all the money you can get when you become old cuz all us young'uns are pretty much screwed out of social security.
Answered by cecil0524 - Tue Jun 13 20:31:10 2006
Q. I have heard that the institution issuing the check will withhold taxes, but if you have the funds transfered, this will not happen in the case of rolling over your IRA, or individual retirement account, you will get a 1099 for tax purposes. To explain better this is when you have an IRA account with a bank or a certain institution, and you are planning to take your account to another institution, within 60 days, and put it in another IRA account.
Asked by Emily - Tue Jun 13 20:20:46 2006 - - 7 Answers - 0 Comments
A. I work at a bank, you definately want to transfer the funds so you don't receive any penalties and don't become tempted to spend the money before retirement. You will need all the money you can get when you become old cuz all us young'uns are pretty much screwed out of social security.
Answered by cecil0524 - Tue Jun 13 20:31:10 2006
How do we open a retirement account?
Q. My husband has a great retirement account with the union, but work is slow and he's only worked 1.5 months total this whole year. He is looking into going to police academy and possibly getting as job as a sheriff. We would like to open our own retirement account and contribute when we can to it. Hopefully when work is more stable, make steady contributions to it. We know nothing about this topic, so we wanted to know where we could turn to learn more and what is the right path for us.
Asked by Olga - Mon Aug 10 10:49:25 2009 - - 3 Answers - 0 Comments
A. Check with your local banker - you can set up an IRA at just about any bank. A good financial adviser can help you with the type of IRA to open (Roth or traditional) and where to keep your investments. Also note that many if not most, police/sheriff departments have a pension plan and if your husband does get on the force, return to your adviser about factoring the plan into your retirement funds as the form of the pension plan may change the investment strategy. Also, have your adviser discuss how to re-balance your IRA and be prepared to take a risk assessment test - the adviser does not ask you to take the risk assessment test, you need to find a new adviser.
Answered by Steve D - Mon Aug 10 10:55:24 2009
Q. My husband has a great retirement account with the union, but work is slow and he's only worked 1.5 months total this whole year. He is looking into going to police academy and possibly getting as job as a sheriff. We would like to open our own retirement account and contribute when we can to it. Hopefully when work is more stable, make steady contributions to it. We know nothing about this topic, so we wanted to know where we could turn to learn more and what is the right path for us.
Asked by Olga - Mon Aug 10 10:49:25 2009 - - 3 Answers - 0 Comments
A. Check with your local banker - you can set up an IRA at just about any bank. A good financial adviser can help you with the type of IRA to open (Roth or traditional) and where to keep your investments. Also note that many if not most, police/sheriff departments have a pension plan and if your husband does get on the force, return to your adviser about factoring the plan into your retirement funds as the form of the pension plan may change the investment strategy. Also, have your adviser discuss how to re-balance your IRA and be prepared to take a risk assessment test - the adviser does not ask you to take the risk assessment test, you need to find a new adviser.
Answered by Steve D - Mon Aug 10 10:55:24 2009
Can I withdraw money from my retirement account to invest in my new business and avoid the 10% penalty?
Q. I am recently unemployed and want to start my own business. Can I withdraw money from my retirement account and avoid the 10% penalty? Where do I find the IRS rules on this kind of withdrawal?
Asked by Susan B - Fri Feb 20 10:55:18 2009 - - 3 Answers - 0 Comments
A. no - and don't forget you also have to pay income taxes on the full amount of teh withdrawal also, not just the 10% penalty - so you would need to put aside probably $25-35% of the money for taxes to be safe
Answered by Doctor Deth - Fri Feb 20 14:13:39 2009
Q. I am recently unemployed and want to start my own business. Can I withdraw money from my retirement account and avoid the 10% penalty? Where do I find the IRS rules on this kind of withdrawal?
Asked by Susan B - Fri Feb 20 10:55:18 2009 - - 3 Answers - 0 Comments
A. no - and don't forget you also have to pay income taxes on the full amount of teh withdrawal also, not just the 10% penalty - so you would need to put aside probably $25-35% of the money for taxes to be safe
Answered by Doctor Deth - Fri Feb 20 14:13:39 2009
how do i find an old retirement account?
Q. When i joined the Army in 1997, I opened a retirement account with an outside company. I can't remember the name of the company and i'm trying to find out if the account still exists and whether or not i can close it out. Can anyone help me?
Asked by Steve - Sun Apr 12 14:58:53 2009 - - 2 Answers - 0 Comments
A. Do an address change from the old address you had then, and a statement should come to you. It probably is being sent to your old address. Check the state list of people who have forfeited funds. In a perfect world, this company has changed hands over and over again.
Answered by ernesthinton - Sun Apr 12 15:17:36 2009
Q. When i joined the Army in 1997, I opened a retirement account with an outside company. I can't remember the name of the company and i'm trying to find out if the account still exists and whether or not i can close it out. Can anyone help me?
Asked by Steve - Sun Apr 12 14:58:53 2009 - - 2 Answers - 0 Comments
A. Do an address change from the old address you had then, and a statement should come to you. It probably is being sent to your old address. Check the state list of people who have forfeited funds. In a perfect world, this company has changed hands over and over again.
Answered by ernesthinton - Sun Apr 12 15:17:36 2009
Is there anyway I can withdraw the money from my AIG retirement account?
Q. I am about to undergo invitrofertilization and would like to withdraw the money from my retirement account to do this. Can I close my account or do a surrender and get my money? They are giving me the run around.
Asked by Sheryl - Fri Mar 27 18:29:03 2009 - - 1 Answers - 0 Comments
A. This is a bad idea on so many fronts. Apparently you cannot afford the procedure. On top of that, you will be increasing your expenses by having a child which it sounds you may not be able to afford. You are doing this by robbing from your retirement. You will pay taxes on any funds you withdraw. You will also pay a penalty on any funds withdrawn before you are 59 1/2. There is not one positive aspect to what you are thinking of doing.
Answered by David M - Fri Mar 27 18:44:24 2009
Q. I am about to undergo invitrofertilization and would like to withdraw the money from my retirement account to do this. Can I close my account or do a surrender and get my money? They are giving me the run around.
Asked by Sheryl - Fri Mar 27 18:29:03 2009 - - 1 Answers - 0 Comments
A. This is a bad idea on so many fronts. Apparently you cannot afford the procedure. On top of that, you will be increasing your expenses by having a child which it sounds you may not be able to afford. You are doing this by robbing from your retirement. You will pay taxes on any funds you withdraw. You will also pay a penalty on any funds withdrawn before you are 59 1/2. There is not one positive aspect to what you are thinking of doing.
Answered by David M - Fri Mar 27 18:44:24 2009
Employer refuses to pay out retirement account?
Q. I have become disabled from 911 and serving in Iraq while on military leave from my employer. I am 100 %vested in my retirement account. They refuse to pay out on this account. What federal or state agency handles this inquiry mediation, or is it a law suit? NYC is the location
Asked by @@ - Mon Jun 25 15:04:37 2007 - - 2 Answers - 0 Comments
A. Get a written copy of your plan agreement by making your request in writing. Study the document to make sure you are allowed to take a distribution. If you are still employed, you cannot take distributions from your 401k even if you are fully vested. There are many more situations, but that is the one that strikes me as possibly applicable. Also, if you are in a defined benefit plan, rather than a 401k, there are restrictions on distributions that you may not be aware of. If you determine that you are eligible for a distribution and the plan refuses to pay, I would contact a labor attorney.
Answered by ninasgramma - Mon Jun 25 17:57:08 2007
Q. I have become disabled from 911 and serving in Iraq while on military leave from my employer. I am 100 %vested in my retirement account. They refuse to pay out on this account. What federal or state agency handles this inquiry mediation, or is it a law suit? NYC is the location
Asked by @@ - Mon Jun 25 15:04:37 2007 - - 2 Answers - 0 Comments
A. Get a written copy of your plan agreement by making your request in writing. Study the document to make sure you are allowed to take a distribution. If you are still employed, you cannot take distributions from your 401k even if you are fully vested. There are many more situations, but that is the one that strikes me as possibly applicable. Also, if you are in a defined benefit plan, rather than a 401k, there are restrictions on distributions that you may not be aware of. If you determine that you are eligible for a distribution and the plan refuses to pay, I would contact a labor attorney.
Answered by ninasgramma - Mon Jun 25 17:57:08 2007
Is there anyway to check how much money is in a retirement account?
Q. Im not vested and I just wanted to know how much is in my retirement account? Is there a website or a phone number I can check? Because I resign from my job and ask for it to be payed out. Thank you all for your help :-)
Asked by adi22 - Wed Oct 14 08:32:28 2009 - - 1 Answers - 0 Comments
A. contact your HR dept
Answered by J - Wed Oct 14 10:59:56 2009
Q. Im not vested and I just wanted to know how much is in my retirement account? Is there a website or a phone number I can check? Because I resign from my job and ask for it to be payed out. Thank you all for your help :-)
Asked by adi22 - Wed Oct 14 08:32:28 2009 - - 1 Answers - 0 Comments
A. contact your HR dept
Answered by J - Wed Oct 14 10:59:56 2009
I have a government 457 retirement account, do I need another account, like a ROTH IRA?
Q. As a city government employee I'm eligible to make contributions to an optional pretax retirement account, an IRS 457 account. I'm in my late twenties and have so far been contributing the maximum $17,000 pre tax per year and my employer does not offer any matching options. Are there any savings or retirement options available to me that might offer additional benefits to me?
Asked by sometimes it goes - Thu Oct 18 11:48:05 2007 - - 2 Answers - 0 Comments
A. ROTH will not have savings today. It's investing after tax dollars, but then you withdraw with no taxes when you retire. This is a very good option for many people. Traditional IRA gives a tax deduction today, but you pay taxes when you withdraw. It's also a good option. If you are paying taxes now, you may want to look into a Traditional. The limit is $4000 per year. Then go with a Roth after that.
Answered by JoJo - Thu Oct 18 12:31:47 2007
Q. As a city government employee I'm eligible to make contributions to an optional pretax retirement account, an IRS 457 account. I'm in my late twenties and have so far been contributing the maximum $17,000 pre tax per year and my employer does not offer any matching options. Are there any savings or retirement options available to me that might offer additional benefits to me?
Asked by sometimes it goes - Thu Oct 18 11:48:05 2007 - - 2 Answers - 0 Comments
A. ROTH will not have savings today. It's investing after tax dollars, but then you withdraw with no taxes when you retire. This is a very good option for many people. Traditional IRA gives a tax deduction today, but you pay taxes when you withdraw. It's also a good option. If you are paying taxes now, you may want to look into a Traditional. The limit is $4000 per year. Then go with a Roth after that.
Answered by JoJo - Thu Oct 18 12:31:47 2007
What should the ratio of equities to fixed income be for the retirement account of a person age 30? and age 60?
Q. I'd like to clarify the wording I used in my question. When I say equities, I'm basically saying stocks. When I say fixed income, I'm basically saying bonds. If it's not that simple, let me know! Also, for the purposes of this question, please assume that the equities in the retirement account are very well-diversified. Thanks!
Asked by Kevin - Sun Jun 13 23:12:36 2010 - - 1 Answers - 0 Comments
Q. I'd like to clarify the wording I used in my question. When I say equities, I'm basically saying stocks. When I say fixed income, I'm basically saying bonds. If it's not that simple, let me know! Also, for the purposes of this question, please assume that the equities in the retirement account are very well-diversified. Thanks!
Asked by Kevin - Sun Jun 13 23:12:36 2010 - - 1 Answers - 0 Comments
Which one would a better option for a retirement investment account ?
Q. Hi, I am a 30 year old single male, I am a computer software architect and earn around $130,000 per/yr. My company does not have a 401(k) plan. I also have to send a chunk of my money out of this USA to support and maintain my ailing old parents for which I cannot get a tax deduction as I cannot claim my parents as dependent. I have also crossed limit to put money in Roth IRA. What would be my best option for opening a retirement account?
Asked by Josh j - Sun Mar 26 09:52:26 2006 - - 5 Answers - 0 Comments
A. I would talk to the human resource department and president until they offer 401ks. If you were self employed you would have other options (SEP) but I'm not sure what you can do if your company doesn't offer one. Obviously contribute the maximum to IRAs as you have been doing, although at your income, you might want to get a traditional IRA and take the deduction now. You can buy treasuries for a tax break.
Answered by Don't Know - Sun Mar 26 10:02:33 2006
Q. Hi, I am a 30 year old single male, I am a computer software architect and earn around $130,000 per/yr. My company does not have a 401(k) plan. I also have to send a chunk of my money out of this USA to support and maintain my ailing old parents for which I cannot get a tax deduction as I cannot claim my parents as dependent. I have also crossed limit to put money in Roth IRA. What would be my best option for opening a retirement account?
Asked by Josh j - Sun Mar 26 09:52:26 2006 - - 5 Answers - 0 Comments
A. I would talk to the human resource department and president until they offer 401ks. If you were self employed you would have other options (SEP) but I'm not sure what you can do if your company doesn't offer one. Obviously contribute the maximum to IRAs as you have been doing, although at your income, you might want to get a traditional IRA and take the deduction now. You can buy treasuries for a tax break.
Answered by Don't Know - Sun Mar 26 10:02:33 2006
Safe to open up a retirement account during these times?
Q. I am gonna open up a Roth IRA with Vanguard online and they basically give you an option to set up your funds in a money market account or in investments. I read them stories of people losing dam near half of their retirement savings due to the recession but was that mainly because they had their money lumped up in similar sectors or what?
Asked by Peter Vans - Fri Feb 5 01:22:06 2010 - - 1 Answers - 0 Comments
A. That was because the "perfect storm" left every area of the American and international economies in freefall. Hopefully that was a once in a lifetime event. And many investments that were down even 50% are back up to nearly where they were 2 years ago. If you are young, you have plenty of time for your assets to grow. If you don't know what to invest in, put it in the money market until you can read and educate yourself about investments. There's nothing wrong with cash. Read Money magazine or Kiplingers every month for a year until you understand how investments work. Diversify your assets into different classes of cash, stocks, bonds, and alternative investments so everything doesn't go down at once and you can wait out recessions. [cont.]
Answered by Susie T - Fri Feb 5 16:14:23 2010
Q. I am gonna open up a Roth IRA with Vanguard online and they basically give you an option to set up your funds in a money market account or in investments. I read them stories of people losing dam near half of their retirement savings due to the recession but was that mainly because they had their money lumped up in similar sectors or what?
Asked by Peter Vans - Fri Feb 5 01:22:06 2010 - - 1 Answers - 0 Comments
A. That was because the "perfect storm" left every area of the American and international economies in freefall. Hopefully that was a once in a lifetime event. And many investments that were down even 50% are back up to nearly where they were 2 years ago. If you are young, you have plenty of time for your assets to grow. If you don't know what to invest in, put it in the money market until you can read and educate yourself about investments. There's nothing wrong with cash. Read Money magazine or Kiplingers every month for a year until you understand how investments work. Diversify your assets into different classes of cash, stocks, bonds, and alternative investments so everything doesn't go down at once and you can wait out recessions. [cont.]
Answered by Susie T - Fri Feb 5 16:14:23 2010
What tax forms are needed after a retirement account rollover?
Q. In 2009 I rolled over two retirement. accounts. One was a 401k to an IRA and the other was a roth IRA to new a roth IRA. What tax forms do I need from each of my accounts to file my taxes?
Asked by DRT - Mon Feb 22 16:58:33 2010 - - 2 Answers - 0 Comments
A. these would be input on the 1040 on the 'PENSION' line but since they were rolled over, and this must have been within the 60 day period, you actually don't have a reportable distribution if this is your only income, you may not need to file at all
Answered by tro - Mon Feb 22 17:07:11 2010
Q. In 2009 I rolled over two retirement. accounts. One was a 401k to an IRA and the other was a roth IRA to new a roth IRA. What tax forms do I need from each of my accounts to file my taxes?
Asked by DRT - Mon Feb 22 16:58:33 2010 - - 2 Answers - 0 Comments
A. these would be input on the 1040 on the 'PENSION' line but since they were rolled over, and this must have been within the 60 day period, you actually don't have a reportable distribution if this is your only income, you may not need to file at all
Answered by tro - Mon Feb 22 17:07:11 2010
A former state employee, I have an unvested retirement account. Should I roll it over to my TSP or my Roth?
Q. I'm now a federal employee and I have no plans on returning to my old state job. The state retirement is a defined benefit plan and the account is earning about 5% a year. I think I could do better than that in my Roth IRA but I don't want to pay any kind of tax penalty in the rollover, so if that is the consequence, I would probably go with the TSP.
Asked by Unrepentant Fenian Bastard - Sat Oct 20 06:25:55 2007 - - 2 Answers - 0 Comments
A. If it was tax deferred you roll it into a non tax deferred you will pay taxes on it ..
Answered by J D - Sat Oct 20 07:54:11 2007
Q. I'm now a federal employee and I have no plans on returning to my old state job. The state retirement is a defined benefit plan and the account is earning about 5% a year. I think I could do better than that in my Roth IRA but I don't want to pay any kind of tax penalty in the rollover, so if that is the consequence, I would probably go with the TSP.
Asked by Unrepentant Fenian Bastard - Sat Oct 20 06:25:55 2007 - - 2 Answers - 0 Comments
A. If it was tax deferred you roll it into a non tax deferred you will pay taxes on it ..
Answered by J D - Sat Oct 20 07:54:11 2007
My husband borrowed from his retirement account, but paid it back before leaving the employer for a new job.?
Q. Although it was paid back, he received a 1099 R and it looks like we have to claim the $ borrowed and paid back into his retirement account as "earned income". Is this correct?
Asked by melissa m - Fri Feb 8 14:52:57 2008 - - 1 Answers - 0 Comments
Q. Although it was paid back, he received a 1099 R and it looks like we have to claim the $ borrowed and paid back into his retirement account as "earned income". Is this correct?
Asked by melissa m - Fri Feb 8 14:52:57 2008 - - 1 Answers - 0 Comments
Can Collection Agency Garnish my Personal Retirement Account?
Q. If a collection agency sues and wins a judgement, can my personal retirement (not affliated with employer) be garnished? I do not have a social security account. I have no other retirement accounts but this one.The money I have saved is from an injury lawsuit. I have been unemployed for 6 years. I live in the USA. I am moving to WA state from OR. The IRA balance will come from one deposit...not monthly deposits. Does that make a difference?
Asked by mswonderrfull - Sat May 31 19:17:59 2008 - - 1 Answers - 0 Comments
A. You did not say what country you are from. But an IRA is protected from creditors. That is why an IRA cannot be used as collateral for a loan.
Answered by efflandt - Sat May 31 20:19:29 2008
Q. If a collection agency sues and wins a judgement, can my personal retirement (not affliated with employer) be garnished? I do not have a social security account. I have no other retirement accounts but this one.The money I have saved is from an injury lawsuit. I have been unemployed for 6 years. I live in the USA. I am moving to WA state from OR. The IRA balance will come from one deposit...not monthly deposits. Does that make a difference?
Asked by mswonderrfull - Sat May 31 19:17:59 2008 - - 1 Answers - 0 Comments
A. You did not say what country you are from. But an IRA is protected from creditors. That is why an IRA cannot be used as collateral for a loan.
Answered by efflandt - Sat May 31 20:19:29 2008
What is the best retirement investment account for a construction worker? CD, IRA, Or Other??
Q. My husband and I are looking to start a retirement account, but I don't know much about CD's or IRA's. Can anyone help that speaks common english, instead of the banker talk?? Thanks
Asked by acire_84 - Tue Jun 24 01:41:54 2008 - - 4 Answers - 0 Comments
A. An IRA and a CD are two completely different things. An IRA is an account, kind of an umbrella under which you can place virtually anything: stocks, bonds, mutual funds, unit investment trusts, exchange-traded funds (ETFs), real estate investment trusts (REITs), and yes CDs. CD is an acronym for Certificate of Deposit. I ll come back to that in a moment. Returning to the IRA: IRA is an acronym that stands for Individual Retirement Account. You also will see it, rarely, written as Individual Retirement Arrangement. So just from the name you can see that the answer to the question what is the best retirement investment account, CD or IRA is IRA. You also mention other . If by other you mean that (and I m assuming your… [cont.]
Answered by save m - Tue Jun 24 08:09:11 2008
Q. My husband and I are looking to start a retirement account, but I don't know much about CD's or IRA's. Can anyone help that speaks common english, instead of the banker talk?? Thanks
Asked by acire_84 - Tue Jun 24 01:41:54 2008 - - 4 Answers - 0 Comments
A. An IRA and a CD are two completely different things. An IRA is an account, kind of an umbrella under which you can place virtually anything: stocks, bonds, mutual funds, unit investment trusts, exchange-traded funds (ETFs), real estate investment trusts (REITs), and yes CDs. CD is an acronym for Certificate of Deposit. I ll come back to that in a moment. Returning to the IRA: IRA is an acronym that stands for Individual Retirement Account. You also will see it, rarely, written as Individual Retirement Arrangement. So just from the name you can see that the answer to the question what is the best retirement investment account, CD or IRA is IRA. You also mention other . If by other you mean that (and I m assuming your… [cont.]
Answered by save m - Tue Jun 24 08:09:11 2008
What are the different reasons to open a general investing and/or a retirement investing account?
Q. On Vanguard it has a "General Investing" account and a "Retirement Investment" account. Obviously the latter is for IRAs, but what is the advantages and purpose of the general investing?
Asked by Ty C - Sat Sep 6 08:28:13 2008 - - 2 Answers - 0 Comments
A. The main reasons are tax considerations. In a retirement account, depending on how you set up the account, either the contributions can be tax deductible (traditional IRA) or the withdrawals are tax free (Roth IRA). In a general investment account, depending on how long you hold on to the account, the earnings are either taxed as ordinary income (short-term) or taxed at the lower capital gains tax rate (long-term).
Answered by Steve - Sat Sep 6 09:09:10 2008
Q. On Vanguard it has a "General Investing" account and a "Retirement Investment" account. Obviously the latter is for IRAs, but what is the advantages and purpose of the general investing?
Asked by Ty C - Sat Sep 6 08:28:13 2008 - - 2 Answers - 0 Comments
A. The main reasons are tax considerations. In a retirement account, depending on how you set up the account, either the contributions can be tax deductible (traditional IRA) or the withdrawals are tax free (Roth IRA). In a general investment account, depending on how long you hold on to the account, the earnings are either taxed as ordinary income (short-term) or taxed at the lower capital gains tax rate (long-term).
Answered by Steve - Sat Sep 6 09:09:10 2008
From Yahoo Answer Search: 'retirement account'
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... there were no cost-of-living escalator to the benefit paid following retirement . Virtually all public employees would like having an account of their ...
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Des moines, Iowa Millions of workers take a huge chance with their . retirement. savings every year: They cash out their 401(k) . accounts. when they lose their jobs or move to new employers. When people cash out, a chunk of their money ...
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