Home | Personal Finance | IRA | Types of IRAs
Types of IRAs

Are you thinking about saving for retirement with an advantage? If you are, then opening an Individual Retirement Account (IRA) is something that will work great for you and fit the bill perfectly. You might be wondering what is an IRA, the plans available and if it is the right option. Read further to find answers to your questions.

So, what is an IRA?
Individual Retirement Account (IRA) is a method to encourage retirement savings that offers tax advantages. The sooner you start saving for your retirement, the better off you will be! Find below some of the most common and best retirement income plans that are offered by IRA

  • Traditional IRA
    With traditional IRA, your tax will be deferred for all the transactions and incomes within the account i.e. you will be paying the tax on withdrawal of money after retirement.
  • Roth IRA
    With Roth IRA, you will enjoy a benefit of tax free withdrawal of money after retirement as you will be paying income tax at the time of investment.
  • Rollover IRA
    This plan can be set up by you if you wish to receive a distribution from a qualified retirement plan. Moreover, this plan will be an advantage to you as you will be provided with a particular period of time to withdraw from one plan and rollover into another without incurring a penalty
  • Simplified Employee Pension (SEP IRA)
    This plan allows your employer to contribute to a traditional IRA setup for you. This plan will be beneficial if you are self-employed or a freelancer as it will allow you to save more money.
  • Savings Incentive Match Plan for Employees (SIMPLE IRA)
    This plan allows you and your employer to fund to a traditional IRA setup with lesser contribution limit and simpler management.

With so many plans, offering different features, benefits and margins, choosing the best plan can be difficult. So, before you make any commitments, take some time to consider the factors like the reason why you would want to open an IRA account, the kind of benefit that you would receive on tax, how you would like to use the funds after retirement, will it be easy for you to rollover from one plan to another with comfort, the limitations on the withdrawals after retirement, age etc. Scrutinizing various advantages and limitations will assist you in making an informed as well as a smart decision.

Featured Products

Featured Blogs

  • 3 tips for buying the right running shoes
  • Health risks that follow from sleep apnea
  • Enjoy convenience with various appliances from PACIFIC SALES

Recent Blogs

  • How robot vacuums have revolutionized home cleaning

    Home cleaning appears to be the biggest chore to most homeowners. While traditional cleaning products and devices have changed their form for better with technology, nothing could be as revolutionary as robot vacuums. It is a hard and tiring job to clean large spaces like homes and gardens. The innovative design of a robot vacuum has changed this scenario to give homeowners a big relief.

    Significant design features of a robot vacuum
    The leading robot vacuum machines like Roomba come with a variety of helpful features to perform cleaning jobs. Such features make these appliances special and revolutionary. Following are some of the useful features that save your time, money, and energy spent on home cleaning and traditional cleaning devices.

    • Small and lightweight: Robotic vacuum cleaners are not big and bulky. These small appliances do not consume much storage space. A robot vacuum is lightweight and easily operable. A few models are even capable of putting themselves away while nobody is present physically to do it.
    • App-based smart function: Robot cleaners are fully automatic. The user simply needs to download an app on his/her smartphone and synchronize the smart appliance with the app. Then the app functions can be used to customize/control the robot cleaner with a few taps. It is also simple to sync the app with the vacuum.
    • Sonar sensors: All robot vacuums make use of powerful sonar sensors. These sensors can sense people, objects, and spaces up to several feet and 360 degrees around them. Thus, the vacuum navigates easily and smoothly while also stopping for interruptions like people, furniture, clutter, and other obstacles.
    • Cleaning patterns and mapping: The appliance further has preprogrammed cleaning patterns. Such patterns work wonderfully for open spaces as well as for complex layouts. Thus, high-efficiency cleaning patterns do not leave any scope for non-adaptation of the device to real-world clutter.
    • Visual localization: The modern-day robot vacuum machines offer a complete coverage to the entire home. The leading robot vacuums like Roomba come with proprietary technology that helps the appliance in doing visual localization precisely. This means the robot can create visual landmarks in its preprogrammed map. This helps the robot in not losing the track of the spaces it has covered and not covered.
    • Multifunctional robots: These high-tech robot vacuums are multifunctional and they manage all types of cleaning jobs. These appliances do the extraction as well as suction and agitation. On dirty carpets and rugs, the robot vacuum does a great job by increasing its power automatically.

    Home Cleaning No more a chore
    While robot vacuum machines have many other amazing features, the listed features are sufficient to give you an idea of how these appliances have rocked the world of home cleaning. Now, you can operate it from anywhere and even get the reports on its cleaning coverage on the click of a few buttons.

  • 5 helpful tips to choose a good dental clinic

    A beautiful smile goes a long way in making your face look good. To ensure this, you need a great set of healthy teeth. Maintaining oral hygiene requires you to be aware of several things about your teeth, which might not be possible on a day to day basis. Though you can brush and floss regularly to prevent tooth decay and gum diseases, some problems might go unnoticed. Hence, it’s important to visit dental clinics at least twice or thrice a year to keep that wonderful smile intact.

    How to choose dental clinics?
    Not all dental clinics can promise you the services you are looking for. Some might charge you more than necessary, while some others might have dentists wih relatively low experience. So, how to pick the perfect clinic? Here are some tips:

    • Search properly: Use any popular search engine to search for dental clinics near you. At times, you might have to consider those that are a little far off, as they might be better too.
    • Range of services: The dental clinics you choose offer a holistic range of treatments like crowns, CT scan analysis, dental implants, root canal treatments, bone augmentation, bridge work and so on. It is best if the clinic has an onsite laboratory so that you don’t have to go anywhere else for tests.
    • Qualifications of dentists: The clinic should ideally have several dentists who specialize in different areas of treatment. This will ensure that you get the best attention possible, as such dentists will have more knowledge than someone who is handling all.
    • Facilities and technology: It is important for dental clinics to feature a variety of modern equipment for all kinds of treatment. They should have spacious rooms, ample lighting, aesthetically designed rooms and comfortable waiting areas.
    • Price and guarantee: Dental clinics with high ratings often charge a little more than ordinary ones, but they guarantee high-quality treatment. So, unless you are very sure, don’t settle for a low-cost treatment that might not last you long. Check out what guarantee the clinic provides against each treatment.

    Taking care of your teeth is not difficult at all, once you figure out which dental clinic works the best for you. So, follow the tips above and keep smiling always.

  • To buy or not to buy – Bathtub covers

    After a long stressful day at work, a relaxing warm bath can indubitably save the day. And you own a bathtub, you should think of purchasing a bathtub cover for your bathroom. Still wondering why? Well. there are several benefits of owning a bathtub cover.

    If you do not like to clean the bathtub because of the dirt that is collected or you have kids that might slip in or hurt themselves, a bathtub cover can provide good safety. There are several types of bathtub covers; one is the simple plastic cover that can be kept in the tub in order to avoid dust, etc. If you are looking to renew the look of your bathtub, then you should opt for a bathtub liner as a bathtub cover. The other type of bathtub cover provides you with multiple options to transform your tub into a multipurpose object.

    If you like treating yourself with a nice relaxing hot bath, culminating your thoughts to treat yourself, then a liner or a bathtub cover would serve a great purpose. A clean bathtub cover would help you feel clean and relaxed at the same time, but there are specific pros and cons to the bathroom cover such as the liner being used. You do not need to replace your bathtub in order to enjoy the benefit of a clean bath and a relaxed environment, but there may be a situation where the water gets stored in between the liners. This standing water could cause odor or molds in the bathroom. You do save money and remodeling costs, and it takes less time to install whereas most tubs can be lined, but there are some that cannot be such as acrylic, fiberglass or free standing tubs.

    The other bathroom cover comes with pieces of elements that can be individually combined. This helps in possibly transforming the bathtub by providing a practical storage area. It can also act as a seat, relaxation deck or changing mat. If you like to read while taking a hot bath, you can always add a few elements that can be used to keep your book, creams, headphones, etc., avoiding the risk of spilling water on them. It can also lower the risk of you slipping while standing to fetch things from the nearest storage area. If your bathroom lacks racks or storage space, this can be used to provide a set up to keep the essential products for your bath time.

    A good clean bathtub cover is essential to provide you with a fulfilling experience in order to relieve your stress. A good bath is also critical for your body and mind, and if you are looking to have that perfect experience, you should consider the bathtub covers.