Which IRA Is Best For You?

An Ira is one of the greatest ways to save on taxes currently and accumulate money for the future.

For individuals three types of IRA's will normally come under consideration.

The Traditional or Regular IRA
The Education IRA
The Roth IRA

Education IRA is now called the Coverdell Education Savings Account (ESA).

Education IRAs allow you to save for qualified higher educational expenses for a beneficiary. Parents and guardians are allowed to make nondeductible contributions to an education IRA for a child under the age of 18.

Contributions are allowed prior to the beneficiary turning 18, and contributions may not exceed $2,000 per beneficiary per year.

Contributions are made with after-tax dollars. There is NO deduction for the contribution. Withdrawals, however, are tax- and penalty-free when adhering to certain rules.

The traditional IRA allows you to contribute an amount and take a current deduction for the contribution. Withdrawal minimums must begin at a certain age and all withdrawals are taxable at the rate applicable when withdrawals are made. The main benefit is that any growth or gains remain free from taxation up to the point of withdrawal. Thus you would be getting tax-free accumulation.

The Roth IRA is perhaps the simplest - and potentially the most effective - sheltered account available.

Roth IRA has a tax structure different from any other IRA: contributions are after-tax (no deduction is available) but growth is tax-free; AND once you put your money in you NEVER pay taxes again.

Additionally, unlike a regular IRA, a Roth IRA does not require that you start withdrawing funds at age 70½ or any other time.

It's more flexible?

Since you have already paid taxes up front, there are no minimum distribution requirements and since withdrawals are not reportable income, they won't affect your adjusted gross income during retirement.

There are special techniques and strategies in creating and managing ANY IRA that create some huge benefits for the right person under the right circumstances.

If you've ever been successful investing in things other than stocks and bonds, you've probably wished that these investments could be included in your IRA, 401(k) or other tax-deferred retirement plans.

Amazingly to most people it's possible to have retirement dollars in vehicles such as:

Real Estate
Limited Liability Corporations,
Private Stock Offerings,
Trust Deeds,
Mortgage Notes,
Leases and Lease Options,
Joint Ventures,
U.S. Treasury Gold and Silver Coins,
Gold Bullion and many others.

While some investors are privy to the information above, most people are just clueless to the fact that they have a lot more avenues for investing than what their Wall Street Journal tells them.

If you are interested in exploring what your financial advisor knows that you don't, including where they put THEIR money for strategic returns and investments, you can check out my free site on IRAs at http://www.irainfo4u.com.

More information about these strategies are also presented in my new book, "Scientific Wealth Strategies."

C.C. Collins is a Wealth Building Advisor and Author of "Scientific Wealth Strategies" at http://wealthscientist.com Find more information at http://www.irainfo4u.com

---

The Basics of Tax-Free UK Financial Spread Betting

Financial Spread Betting (or Trading) offers a tax free method... Read More

Rules of Simple IRA Your Business Needs to Know

A Savings Incentive Match Plan for Employees plan, better known... Read More

IF - The Wonders of Investing

If it seems... Read More

Almost Anyone Can Open A Roth IRA!

The Roth is kind of weird until you get used... Read More

Investing Psychology Today Requires All Traders to Awaken Their Speculator Minds

Stock trading strategies are as rampant today, as they were... Read More

How to Buy to Let

Find out everything you need to know about buy to... Read More

To Retire Rich, Save and Invest Early

If you want to retire rich, start saving investing early.... Read More

Waiting 20 Years Can Cost You Millions - Dont Wait Start Today

Many Young people live for Today. They really don't fully... Read More

Understanding The Real Rate of Return!

There is one indicator more than any other which determines... Read More

Powerful Options Basics Lessons Improving your trading in 180 days.

An option is a traded security that is a derivative... Read More

Just Say NO to Your Stock Broker

We have all heard that slogan that started back when... Read More

Seecrets on Investment: Tired of Making Huge Losses in the Stock Market ? Part 1

Over 80% of all individual investors lose money in any... Read More

Landlording 101, Tricks of The Trade

Looking Inside Your Tenant's Mind Basic Mind-Reading Report 101 for... Read More

Investing in World Markets

There are many different ways to invest in world markets:... Read More

Art Investing for a Financial Future

When we think of investing we probably conjure images in... Read More

An Economical Retirement Investment Plan

The practice of economy, directed toward a retirement investment plan... Read More

When NOT to Invest

Unfortunately, many investors who are seduced by the lure of... Read More

California Deparment of Corporations and Franchise Opportunities Law

What CA Needs To Do To Address Issues in FranchisingWe... Read More

Is Offshore Banking for You?

You've probably heard about people who keep their money offshore.... Read More

The High Price of Oil

In less than four years, the price of oil has... Read More

Your Worst Enemy To Successful Investing - The Media

How do you make your investment decisions and where do... Read More

Have You Ever Seen A Map of the World Turned Upside Down?

For those accustomed to viewing things a certain way, it... Read More

Mutual Fund Selection Made Simple By Indexing!

Non-indexed mutual funds try to keep it secret that actively... Read More

Using Divergences to Keep Out of Bad Trades

The American Football season just came to an end with... Read More

Will a Falling Dollar Derail Your Plans for Retirement?

How much are you willing to pay for a tank... Read More

The Real Cost of a Bad Habit

What is the value of a good habit? Think of... Read More

Basic Options Terms

Options are good investing and speculative instruments. But options terminology... Read More

Mutual Fund Returns May Not Be As They Seem!

Arthur Levitt, during his tenure at the SEC, experienced many... Read More

Part II of Day Traders and Swing Traders and Options? Maybe!

Before every protective put trade it is possible to calculate... Read More

Investing and Asset Allocation

Sometimes you spend sleepless nights worrying about which stocks to... Read More

Forex market offers opportunity and information

The forex market is what is called an international exchange... Read More

Choosing A Financial Advisor

With so many financial advisors trying to woo you with... Read More

July 2005: Hurricane Forecasts for Weather Traders

Tropical Storm Arlene formed as a tropical depression on June... Read More