Tracy wayne mitchell

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Tracy wayne mitchell

  1. 1.  A retirement expert and president of Springfield, Missouri-based Mitchell and Associates, Tracy Wayne Mitchell helps retirees plan their income. In his leadership role, he created a marketing program for financial services called LeadQuest. Complementing his commitment to Mitchell and Associates, Tracy Wayne Mitchell heads Federal Employee Benefit Advisors, a company that provides financial counseling for federal employees.
  2. 2.  Traditional individual retirement accounts (IRAs) permit people saving for retirement to defer taxes on their funds until they begin to withdraw money from their IRAs. Retirees with IRAs usually save money because, once retired, they occupy a tax bracket that takes a smaller percentage of their income.
  3. 3.  The United States Internal Revenue Service regulates IRA products through special rules. One rule dictates that retirees must start disbursing funds from their IRA accounts at 70 1/2 years of age. Additionally, if IRA account funds are drawn before a person reaches 59 1/2 years of age, the IRS will charge a 10 percent penalty to the account.

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