ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The government organization that is in charge of managing retirement funds.
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a type of savings account that is designed to help you save for retirement and offers many tax advantages.
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A fund that allows employees to save for college or other short term expenses
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A type of mortgage that is interest free
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Detailed explanation-1: -An individual retirement account (IRA) is a long-term savings account that individuals with earned income can use to save for the future while enjoying certain tax advantages.
Detailed explanation-2: -A savings IRA is an individual retirement account (IRA) that provides either a tax-deferred or tax-free way for you to save for retirement. There are many different types of IRAs but Roth, Traditional and Rollover IRAs are the most common. Each IRA has certain eligibility requirements and unique features.
Detailed explanation-3: -The three main types of IRAs are traditional IRAs, Roth IRAs and rollover IRAs. Traditional IRAs are funded with pretax dollars, while Roth IRA contributions are made after taxes. A rollover IRA is an IRA funded with money from a former employer-sponsored 401(k) that doesn’t incur early withdrawal penalties.
Detailed explanation-4: -Provisional Irish Republican Army-Wikipedia.
Detailed explanation-5: -Traditional IRAs offer the key advantage of tax-deferred growth, meaning you won’t pay taxes on your untaxed earning or contributions until you’re required to start taking minimum distributions at age 73. With traditional IRAs, you’re investing more upfront than you would with a typical brokerage account.