School me on IRA's.

bless the child

How do these things work? If anyone here knows.

killap

Be more specific...you put money in it and hope it grows...

traestar

Sorry this is late...http://www.investopedia.com/terms/i/ira.asp#axzz1ebCKsdek

black caesar

An IRA is better than a 401K. However if you have a 401k you can transfer the money to a IRA account. There are two types. You have a traditional IRA and a Roth IRA. You get penalized for taking money out of it. However once you reach 59 1/2 years old, you can't be taxed on it.

killap

black caesar wrote: »

An IRA is better than a 401K. However if you have a 401k you can transfer the money to a IRA account. There are two types. You have a traditional IRA and a Roth IRA. You get penalized for taking money out of it. However once you reach 59 1/2 years old, you can't be taxed on it.

You are penalized for taking gains out on it you can take out your contributions

black caesar

killap wrote: »

black caesar wrote: »

An IRA is better than a 401K. However if you have a 401k you can transfer the money to a IRA account. There are two types. You have a traditional IRA and a Roth IRA. You get penalized for taking money out of it. However once you reach 59 1/2 years old, you can't be taxed on it.

You are penalized for taking gains out on it you can take out your contributions

Yep you're right. I was typing too fast.

lostsamuraisotaku

dont open an ira or a 401 k open a qrp (qualified retirement plan )

guytoosmooth

So a qrp is better? WHat is the difference? New to me.

RodrigueZz

I thought this thread was going to be about the irish republican army

lostsamuraisotaku

guytoosmooth wrote: »

So a qrp is better? WHat is the difference? New to me.

higher yields amongst other things wealthy people open qrp's others open ira's

lostsamuraisotaku

guytoosmooth wrote: »

So a qrp is better? WHat is the difference? New to me.

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