{"id":3930,"date":"2018-02-13T14:35:57","date_gmt":"2018-02-13T14:35:57","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=3930"},"modified":"2018-02-13T14:35:57","modified_gmt":"2018-02-13T14:35:57","slug":"considered-ira-retirement-planning_","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/considered-ira-retirement-planning_\/","title":{"rendered":"Have you Considered an IRA For Your Retirement Planning_"},"content":{"rendered":"
\"Have
Have you Considered an IRA For Your Retirement Planning_<\/figcaption><\/figure>\n

How far ahead have you actually planned for your retirement? \u00a0If you are searching high and low for that answer, it may be time to start thinking about ways to start that planning. \u00a0With retirement looming over all of our heads, the clock is counting down the days where we all need to start thinking a few steps ahead than we currently are for our future monetary situation. \u00a0While the numbers may be skewed a bit and vary between sources, it is estimated that millions of US households don’t have any type of retirement plan in place. \u00a0Are you in that category?<\/p>\n

If you are new to the retirement world, let’s start by breaking it down. \u00a0What is does IRA stand for? \u00a0An IRA is also known as an Individual Retirement Account, or in other words, broken down very simply, a way to save up money for when you decide to finally retire. \u00a0Keep in mind that there are quite a few different IRA’s to consider. \u00a0401K’s, savings accounts, \u00a0and investment options are just a few that top the list. \u00a0\u00a0You can invest in an IRA as an individual or see if your employer offers up and type of resources to help you in your savings planning. \u00a0\u00a0It’s also extremely important to note that there are many options to choose from, but it is up to you to fully decide and understand which IRA option is going to work best for you and your future financial goals.<\/p>\n

There are some advantages and disadvantages to having an IRA. \u00a0Depending on what IRA resources you decide to start investing in, one of the biggest advantages could be that the money that you put into your IRA account is tax-deferred. \u00a0To break it down – what that actually means is that you don’t have to pay any taxes on the money that you are saving until you actually withdraw that money at a later date. \u00a0It basically is a postponement of the taxes owed. \u00a0Again, this isn’t an option for all types of IRA’s! \u00a0Do your research to see if this is an option for one that you may be considering. \u00a0Another great benefit that can happen as well is that your money grows tax-free while it is sitting in your IRA account. \u00a0Who doesn’t like free money?!<\/p>\n

While there are several advantages to take note of, there are accompanying disadvantages that can occur as well. \u00a0\u00a0\u00a0A disadvantage of having certain IRAs is that there are penalties that are imposed if you have to withdraw the money earlier then before you turn age 59 1\/2. \u00a0The amount of that penalty? \u00a0A whopping 10% fee.<\/p>\n

Many people wonder how much money they should start saving for their retirement years. \u00a0There is no magic answer or crystal ball for that question. \u00a0The amount varies depending on what that person will need to live and thrive during their years of retirement. \u00a0Depending on who you ask and what research you may find, the recommended amount of savings to have by the time you retire varies drastically. \u00a0Some experts say a minimum of 10%, while others say it should be more. \u00a0Only you know the true answer to this and how you want to spend your retirement years.<\/p>\n

Start looking ahead and planning now for your future and your retirement years. \u00a0Educate yourself on the different IRA<\/a> options available and choose one that best suits you and your financial needs.<\/p>\n","protected":false},"excerpt":{"rendered":"

How far ahead have you actually planned for your retirement? \u00a0If you are searching high and low for that answer, it may be time to start thinking about ways to start that planning. \u00a0With retirement looming over all of our heads, the clock is counting down the days where we all need to start thinking […]<\/p>\n","protected":false},"author":7,"featured_media":3932,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3585],"tags":[7362],"acf":[],"yoast_head":"\nHave you Considered an IRA For Your Retirement Planning_ - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"How far ahead have you actually planned for your retirement? \u00a0If you are searching high and low for that answer, it may be time to start thinking about ways to start that planning.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/considered-ira-retirement-planning_\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Have you Considered an IRA For Your Retirement Planning_\" \/>\n<meta property=\"og:description\" content=\"How far ahead have you actually planned for your retirement? 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