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IRA Retirement Tips

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Part of the video series: Investment Finance Tips

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Summary: IRA retirement accounts are set up by the Internal Revenue Service for the purpose of growing invested money in a qualified tax plan. Discover the money making power of retirement accounts such as IRAs with tips and advice from an experienced financial adviser in this free video.

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By Patrick Munro
eHow Presenter

Contact: www.northstarnavigator.com

Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more

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Video Transcript

"This is Patrick Munro, Financial Adviser talking about IRS Contribution age limits. An IRA is an individual retirement account set up by the Internal Revenue Service, for the purpose of growing your money in a qualified tax plan. The money that you put in under government guidelines is tax deferred until you take it out. There are certain ages to be aware of, and it's important that at your earliest opportunity to make sure that you have a chance to invest in one of these valuable retirement accounts. The first age that comes up is age eighteen, that's the first age when you're able to, as a new adult place money in, usually through a job, and as you have your annual contributions, whatever they are based on your taxable income, you'll receive a deduction on your taxes, for the money that you've put away, so make sure that you maximize your contributions. Once you hit fifty nine and a half, which is a retiring age, you're able to take some of this money out, without a penalty. However, many people don't take the money out at fifty nine and a half, and rather want to make it grow even further into retirement. But, when you reach age seventy and a half, the IRS shows up, and it's a required minimum distribution time, RMD is applied onto your IRA, and it is a formula that you have to spend down your money, if you do not spend it down at seventy and a half, there will be a fifty percent penalty, for every year you do not do so. So, it's important to work with a financial adviser that is a Retirement Distribution Product Manager and that's what I do here at Norstar Financial. This is Patrick Munro talking about the various age limits on IRA's."

eHow Article: IRA Retirement Tips