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LegalCornerTM - Retirement Accounts F.A.Q.'s

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Q.What is an IRA?

A.In 1974, the Employee Retirement Income Security Act (ERISA) created was is commonly known today as the IRA, an Individual Retirement Account as a tax-free investment vehicle to grow retirement savings. If you contribute $4,000 a year to a tax-advantaged account (an IRA), and assume an 8% compound interest rate of return for 30 years, your IRA would be worth $449,133.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this web site is not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed on a taxpayer under the U.S. Internal Revenue Service.

Copyright 1999-2024 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.