What is an IRA and why you need one in 2020.

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An IRA, or Individual retirement account, is a popular and tax-advantaged way for individuals to save for retirement. There are several types of IRAs, including traditional IRAs, Roth IRAs, and SEP IRAs, each with different rules and benefits. Whether you are just starting your career or are getting closer to retirement, having an IRA can be an important component of your retirement planning. In this article, we will explore what an IRA is and why you need one in 2020.

One of the main benefits of an IRA is the tax advantages it offers. With a traditional IRA, your contributions are tax-deductible, meaning you can lower your taxable income for the year in which you make the contribution. The money in the account grows tax-deferred, meaning you do not have to pay taxes on any investment gains until you start withdrawing the funds in retirement. On the other hand, with a Roth IRA, contributions are made with after-tax dollars, but the money grows tax-free, so withdrawals in retirement are not subject to income tax.

In addition to the tax advantages, an IRA provides you with a way to take control of your retirement savings. Unlike an employer-sponsored retirement plan, such as a 401(k), an IRA is individual, meaning you have more flexibility in choosing your investments and can roll over funds from one employer’s retirement plan to another or to an IRA when you change jobs. This gives you the ability to tailor your investment strategy to your specific retirement goals and risk tolerance.

Another reason to consider having an IRA is that it can help you bridge the gap between your retirement savings and your retirement goals. Many individuals are not saving enough for retirement, and an IRA provides an additional opportunity to save for the future. Even if you are covered by a workplace retirement plan, having an IRA can complement your savings and provide you with more options when it comes to managing your retirement income.

Furthermore, IRAs can be used as estate planning tools, allowing you to pass on assets to your heirs in a tax-efficient manner. With a traditional IRA, your beneficiaries will have to pay income tax on the distributions they receive, but with a Roth IRA, the withdrawals are tax-free to your heirs, provided the account has been open for at least five years. This can be a valuable way to leave a legacy for your loved ones.

In conclusion, an IRA can be a valuable tool in your retirement planning. It offers tax advantages, investment flexibility, and the opportunity to supplement your retirement savings. With the uncertainties surrounding Social Security and the increasing life expectancy, having an IRA can provide you with more control over your financial future. Whether you are just starting out in your career or are getting closer to retirement, consider opening an IRA and start saving for a secure and comfortable retirement.