How Do You Set Up An IRA Account?
An IRA, an Individual Retirement Account, is used to help you save for retirement. There are tax advantages to investing in an IRA. Depending on the IRA vehicle that you choose, you can either invest pre-tax dollars and pay taxes when you withdraw, in a traditional IRA, or you can invest after-tax dollars and pay no taxes when you withdraw, through a Roth IRA. Either way, you can learn how to set up an IRA account here. Decide whether you want a Roth IRA or a traditional IRA. A traditional IRA allows you to take a current-year tax deduction, while a Roth IRA accrues income tax free but does not allow for a current tax deduction. The question you need to ask yourself is whether you want to pay taxes now or pay taxes later. There are also a few other specialized IRAs such as the SEP IRA (self-employed or small business), a SIMPLE IRA (employee pension plan) and a Self-Directed IRA (allows the holder to make their own investments into the plan). Choose a place to invest your money. There
