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2. Taking The Money: Individual Retiremen
One of the retirement resources available to an individual is an
IRA. An IRA stands for an Individual Retirement Account.
However, an IRA is not an automatic retirement, but one that must
be set up by the individual in preparation for their retirement.
Therefore, it is important to know how to set up an IRA and how to
make an individual retirement account withdrawal.

3. How To Set Up A IRA
First of all, it is important to remember that it is never too late to
start a retirement account. One of the time-tested ways of saving
for retirement is through an individual retirement account.

4. Order To Set Up An IRA
In order to set up an IRA there are a few steps that need to be
taken. First of all, the individual needs to determine whether they
want to set up a traditional individual retirement account or a Roth
individual retirement account. The basic difference between these
two types of retirement accounts is whether the individual wants to
pay taxes on their retirement funds prior to investment, the Roth
IRA, or to wait on paying taxes until they actually begin the
individual retirement account withdrawal process.

5. Primary Decision
Once this primary decision has been made then the individual
simply needs to determine which financial institution they wish to
utilize to manage their funds. Additionally, it is important that
individual retirement account contributions be invested
appropriately. Some of those investment opportunities would
include the use of placing the money in stocks, bonds, money
markets, etc.

6. Decisions Have Been Made
Once these decisions have been made, then the financial
institution will gather the appropriate personal information and
request funding to open the account. Also, it is important to note
that there are limits as to how much can be placed into the IRA on
a yearly basis. These particular limits can change from tax year to
tax year and therefore it is important to keep abreast of those
changes so that penalties are not incurred.

7. How To Make Individual Retirement Acco
The beauty of consistently contributing to one’s IRA is that over
the course of time and with the returns provided, the individual’s
IRA will grow financially. Eventually the goal of having a
substantial amount of money in the IRA is that eventually
sufficient individual retirement account withdrawals can be made.

8. Retirement Account Withdrawals
Generally these individual retirement account withdrawals can be
made when the individual reaches a certain age. However,
currently, when the individual reaches the age of 70 ½ they are
required by tax code to receive a minimum disbursement from
their IRA. This minimum disbursement is calculated by using the
life expectancy of the individual owning the IRA and the
beneficiary of the IRA and dividing the amount in the IRA by that
number.

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