Comment on Just getting into a little bit of Troubles

brap@lemmy.world ⁨6⁩ ⁨days⁩ ago

• Tikiporch@lemmy.world ⁨6⁩ ⁨days⁩ ago

  An individual retirement account (IRA) is a tax-advantaged personal savings plan designed to help individuals save money for retirement. These accounts offer tax benefits, such as tax-deferred growth or tax-free withdrawals, depending on the type of IRA chosen. Unlike employer-sponsored 401(k)s, individuals typically open and manage IRAs on their own at a financial institution like a bank or brokerage. Anyone with earned income can open an IRA, even if they already have a workplace retirement plan.

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  • brap@lemmy.world ⁨6⁩ ⁨days⁩ ago

    Ahh, thank you for taking the time to explain.

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  • SpiceDealer@lemmy.dbzer0.com ⁨6⁩ ⁨days⁩ ago

    …depending on the type of IRA chosen.

    Are there two options, by any chance? Provisional? Official?

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    • expatriado@lemmy.world ⁨6⁩ ⁨days⁩ ago

      pre-tax “traditional” and post-tax “Roth”, named after a politician that pushed retirement tax laws 30-40 years ago

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      • W98BSoD@lemmy.dbzer0.com ⁨6⁩ ⁨days⁩ ago

        And, depending on where you plan to retire (amongst other factors), influences which you choose to contribute to.

        Remember kids, index funds in your IRA/401k are your friend. Stay away from mutual funds.

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• lena@gregtech.eu ⁨6⁩ ⁨days⁩ ago

  [deleted]

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  • DmMacniel@feddit.org ⁨6⁩ ⁨days⁩ ago

    Thats a self report if i’ve ever seen one. Of course did OP that one but was wondering what other thing could be behind those three letters.

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    • lena@gregtech.eu ⁨5⁩ ⁨days⁩ ago

      Nah, I didn’t notice “else” in their comment and assumed they just didn’t know about the IRA and that they thought it was exclusively some foreign thing, which is why I deleted my comment.

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• markovs_gun@lemmy.world ⁨6⁩ ⁨days⁩ ago

  letmegooglethat.com/?q=IRA+plan

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