What are IRAs? IRA or Individual Retirement Accounts, is a personal saving account for individuals to save for their retirement. One of the main reasons for opening an IRA is the income tax advantage provided to the individual while they are saving. When money is deposited into an IRA bank acccount , it is often called a contribution. During the same year that the … [Read more...]
401k – Investing For Retirement
Some years ago almost every company paid pension to its employees through a company paid pension plan. People stayed on one job for their entire career and companies felt it was their duty to provide this type of loyalty after retirement as well. The major benefit of having a pension was that the employee didn't need to contribute. It was a gift. Companies still were willing … [Read more...]