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Case P3 DB

An individual retirement arrangement is a conviction that has been set up to collect retirement aid from individuals.  The agreement may take the structure of an individual retirement arrangement or individual retirement annuity. The amount of funds that may be contributed to the IRA is restricted. These amounts that are earned in the individual retirement arrangements are never levied up to the time when they are withdrawn.

The individual retirement accounts are of two types which provide an advantage as one saves for retirement. They both have the same annual contribution limits, catch up provisions if one is 50 and above and withdrawal requirements. One opens an individual retirement account which is self directed with a financial service organization such as a bank.

There are several types of IRAs that range from conventional IRAs, Roth IRAs, easy IRAs and SEP IRAs. Conventional IRAs and Roth IRAs are set up by individuals who are given the chance to give 100 percent of reward up to a set out maximum dollar amount. Contributions to the traditional IRAs may be taxable depending on the tax payer`s income. Roth IRAs are not taxable. SEPs and SIMPLE IRAs are planned by employers.

The Roth IRA is the best because it is not taxable and contributions are completed with after tax money. It allows for annual contribution to a retirement account. A tax free withdrawal of up to $10,000 is allowed for a first time home purchase as long as the holding five year minimum period is met.  Withdrawal of interest are taxable and are subject to a ten percent penalty unless it is withdrawn due to death, disability, purchase of a first home, higher education and medical expenses in excess of 7.5 percent gross income or health insurance premiums. Distributions before 59 ½ of age are not taxable only applying to contributions. 


Thomas, A.K. (2004). Fairmark Guide to the Roth IRA: Retirement Planning in Plain Language. Lisle: Fairmark Press Inc.

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