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Buy custom Individual Retirement Accounts: Why Bother?

Essay's paper info
Topic: Business
Number of pages / Number of words: 7 / 1787
Essay's paper body

Thus, regular

savings accounts are not a practical method to save for retirement; however,

IRA's offer deferred taxes on the interest earned until the money is withdrawn

from the account. Therefore for a given amount of money, there is a

considerable advantage when saving in an IRA. For example, according to Heady:

if you were to save $2000 dollars a year at 6% for 30 years under the terms of a

regular savings account, the total earnings would be approximately $120,900

after paying taxes; however, if you were to shelter $2000 a year at 6% in an

Individual Retirement Account that amount would increase by $48,000 dollars to a

total of $168,000 because of the tax-deferred feature (60)...


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For example, according to Heady:

if you were to save $2000 dollars a year at 6% for 30 years under the terms of a

regular savings account, the total earnings would be approximately $120,900

after paying taxes; however, if you were to shelter $2000 a year at 6% in an

Individual Retirement Account that amount would increase by $48,000 dollars to a

total of $168,000 because of the tax-deferred feature (60)...


Essay fragment

General points of the essay

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