One way to fund your retirement is to establish an IRA, but like many Americans, you might have questions about the different types of IRAs. If you find yourself asking questions like “what are the benefits of self-directed IRAs?” and “Can I start an IRA even if I already have a 401k?”, you can find these answers, and more, in today’s episode of “Your Gold Questions | Answered.”

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retirement planning is an important part of financial planning that can help you prepare for a secure future. An Individual retirement account (IRA) is a popular option for retirement savings, but there are many questions that arise when it comes to this type of account. To help you better understand IRAs, here are simple answers to seven common questions.

1. What is an IRA?

An IRA is an individual retirement account that allows you to save for retirement in a tax-advantaged way. You can contribute money to an IRA and use the funds to invest in stocks, bonds, mutual funds, and other investments.

2. Who is eligible to open an IRA?

Anyone who has earned income is eligible to open an IRA. This includes those who are employed, self-employed, and those who receive Social Security income.

3. What are the benefits of an IRA?

The primary benefit of an IRA is the potential for tax savings. Money contributed to an IRA is generally tax-deductible, and the earnings on investments within the account are tax-deferred. This means that you can save more money for retirement while reducing your current tax burden.

4. How much can I contribute to an IRA?

For 2020, the maximum contribution to an IRA is $6,000, or $7,000 if you’re 50 or older.

5. Are there any penalties for withdrawing money from an IRA?

Yes. If you withdraw money from an IRA before age 59 ½, you may be subject to a 10% early withdrawal penalty. Additionally, you will have to pay taxes on the money you withdraw.

6. What types of IRAs are available?

There are two main types of IRAs: Traditional IRAs and Roth IRAs. Traditional IRAs offer tax-deferred growth, while Roth IRAs offer tax-free growth.

7. How do I choose the right IRA?

The best IRA for you will depend on your individual financial situation. Consider factors such as your current tax rate, your retirement goals, and your risk tolerance when choosing an IRA. You may also want to consult with a financial advisor for help in deciding which type of IRA is best for you.

These are just a few of the questions that come up when it comes to IRAs. If you have additional questions, it’s a good idea to speak with a financial advisor to ensure that you are making the best decisions for your retirement savings.