alaskagold A Gold IRA is a retirement plan that allows you to invest in a physical asset that can be sold at anytime – specifically gold and silver. As the value of Gold and silver investments increases, they could potentially offset losses that you might experience in other retirement accounts.
Traditional Ira
A traditional IRA is an IRA that is funded with pre-tax dollars. That is, you pay income tax on the money you contribute to an IRA at the time of contribution. By not paying tax on that money when it’s contributed in, you defer the tax that would be due on it until you begin withdrawing. Contributions to a traditional IRA may come from earned income or net investment income, and are subject to income limitations. Contributions to a traditional IRA do not provide an immediate tax deduction.
Roth Ira
Roth IRA is a great financial plan and a good retirement fund option. There are few options with different tax benefits and they are better than 401K. Although 401K is great investment plan by the government and has tax benefits, but only after you retire and start withdrawing. Whereas, as Roth IRA is almost like a 401K, but there are some differences, the biggest difference is that you are investing after you earn and not before, that’s the reason government doesn’t offer tax benefits on Roth IRA, but eventually when you withdraw the money at tax time, there are no taxes on Roth IRA.
Sep Ira
SEP IRA is a type of retirement account. It is similar to the traditional IRA, but it offers a few advantages over the traditional IRA. One of the advantages of the SEP IRA is that the contribution limit is higher than the traditional IRA. For the tax year 2016, the annual contribution limit for the SEP IRA is $53,000. This is higher than the traditional IRA limit of $5,500. In addition, two different types of contributions can be made to a SEP IRA. The first is an employer contribution. The employer has the option of contributing up to 25% of the employee’s annual salary. Since the SEP IRA is similar to the traditional IRA, there is also a withdrawal rule. Once the employee reaches the age of 59 ½, s/he is allowed to withdraw money from the account without having to pay the 10% early withdrawal penalty. In addition, the employee is also allowed to withdraw any employer contributions without having to pay taxes on the money.
Simple Ira
Simple IRA is a type of retirement plan that employers can get for their employees. This plan has no discrimination between full time and part time employees. Employer may provide contributions to each employee’s Simple IRA up to $12,000 or 100% of each employee’s eligible compensation, whichever is less. This is the maximum amount that can be contributed to each employee’s Simple IRA. In addition to the employer contributions, employees may make contributions up to $500, which is the maximum contribution allowed. This contribution can be made annually, even after the attainment of the retirement age of 65. The contribution will be deducted from the employee’s paycheck and is allowed to be tax free. As of 2009, the contributions made to the Simple IRA is no longer tax deductible for employee. Employer and employee can take advantage of this plan by making contributions and increasing their nest egg for their retirement.
