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IRA Contribution Tips

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Summary: ROTH IRA contribution maximums are determined by the age and income of the investor. Decide if a ROTH IRA is a good investment, and if eligibility plays a factor, with tips and advice on how to invest wisely from an experienced financial adviser in this free video.

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By Patrick Munro
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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

"A traditional IRA contribution is a very important retirement tool. IRA stands for Individual Retirement Account. If you have an income, the IRS predetermines the amount of money every year that you can set aside at your age category for a contribution towards an Individual Retirement Account. The IRS changes these rules and guidelines every year, in keeping with the changing landscape of tax environment. As you get older, if you started later in life, you're allowed to make catch-up contributions to your IRA, as well. But an IRA is an important vehicle for an individual to have and is based on how much you get to save based on how much you have earned. And the IRS sets up all those formulas for your benefit. The ultimate goal is for you to take that money back out in the retiring years after you work, so that your Individual Retirement Account will provide you the income that you used to enjoy while you were working. This is Patrick Munro, financial adviser, discussing the benefits of Individual Retirement Accounts."

eHow Article: IRA Contribution Tips

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