Today’s tip will cover “What is an IRA?” An IRA, is an Individual retirement account that is an investing vehicle used by individuals to save for retirement with tax free growth. What this means for you is that once the money is contributed in the account, there are no taxes imposed on the dividends or capital gains that the investments earn. There are several types of IRAs such as Traditional IRAs, Roth IRAs, Simple IRAs and SEP IRAs. The contribution limits for Traditional IRAs is $5500 for 2018 and $6500 if you are age 50 or older. There are several factors to consider if an IRA is the best way for you to save for retirement. Feel free to contact me to see if an IRA is right for you and your future retirement savings. Remember to consult with your tax advisor for your specific tax related questions. ________________________________________________________________________________________ Want To Learn What You Need To Do to Become Financially Empowered? So You Can Ac
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)