What are the pros and cons of having large amounts of money in an IRA?
One of the biggest benefits of having an Individual Retirement Account (IRA) is that money in the account grows, tax-free, until you begin making withdrawals. The only trouble is, you can’t really touch the money until you turn 59 1/2 unless you’re willing to pay a stiff 10% penalty. So, in addition to having a retirement account to see you through your “golden years,” also make sure you have other investments that can be quickly and easily tapped for cash while you’re still young.
