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bbrown
02-25-2005, 06:44 PM
I am about to put a good portion of my tax refund in an IRA account...the problem is I know nothing about IRA's. I went to my bank's website and did a little research on the topic...but the information went right over my head...

Can anyone explain IRA's in lay person language?
tdhayes
02-25-2005, 06:56 PM
Here's a starting place for you! I love this site!
What's An IRA?...Fool.com (http://www.fool.com/ira/intro.htm?ref=mp)
linette411
02-25-2005, 06:58 PM
I didn't click in tdhayes link but it should have something about a ROTH IRA in there. Check it out.
EarthyDiva
02-28-2005, 10:39 PM
I have heard rumors that there are some non/minimal withdrawal penalty IRAs. Has anyone invested one of those?

ED

p.s. I always urge people to max their employer backed IRA's (for me SURS since I worked in Illinois post secondary education). Especially if your employer matches funds. That's free $$$$.
tdhayes
03-01-2005, 01:20 PM
Originally posted by EarthyDiva@Feb 28 2005, 05:39 PM
I have heard rumors that there are some non/minimal withdrawal penalty IRAs. Has anyone invested one of those?

ED

p.s. I always urge people to max their employer backed IRA's (for me SURS since I worked in Illinois post secondary education). Especially if your employer matches funds. That's free $$$$.

738227



There are depending on the type or IRA that you get.

Also, check to see if your employer offers a 401k or a 403b. Some companies will match funds and like Earthy said, that's free money.
Artsyblack
03-02-2005, 10:59 PM
In addition to Fool.com's breakdown on Ira's, try to locate any book by Suzi Orman. She usually does a good job breaking down the differences and the advantages/disadvantages of them.

Also, take some caution when considering investing in a company's 401k and other forms of retirements plans. I still believe that Eron was just the tip and will be the latest trend. in about 5 years. Pay attention to bush. He's just not speaking about Social Security.
Trust me, there are companies and politicians at work this very moment changing laws that will allow them to steal your money and not be prosecuted for it. I suggest a credit union for any savings investments. They may be the best bet for now.

Good Luck