The whole reason for opening a Traditional IRA instead of a simple savings account is the tax treatment of your contributions, earnings and withdrawals. This type of retirement plan was started in 1974 to give average workers a way of saving for retirement on a tax advantaged basis. Contributions to a Traditional IRA The contributions […]
What is a Traditional IRA
The Traditional IRA was the original individual retirement plan which came into existence when the Employee Retirement Income Security Act of 1974 was passed by Congress. The intent of these plans was to allow a worker, who was not covered by a pension or 401k plan, to accumulate tax advantaged savings for eventual retirement. In […]