Individual Retirement Account
A personal retirement savings plan available in the US. There are two types of IRA:
- Traditional – No taxes are paid on the contributions or any changes in the market value of the investments in the account until the money is withdrawn. That is, the contributions are deducted from your salary in the year they are made.
- Roth – There is no tax deduction when contributions are made, but no taxes are paid on any changes in the market value of the investments in the account or when the money is withdrawn from the account.
I am also a retired property-casualty A professional who assesses and manages the risks of financial investments, insurance policies and other potentially risky ventures. Source: www.investopedia.com/terms/a/actuary.asp More (someone who works with the math and statistics related to insurance). I spent a significant portion of my career building statistical models of all of the financial risks of an insurance company and interpreting their findings to help senior management make better financial decisions. I retired in my late 50’s, which one of my daughter’s friends thought clearly qualified me to write this blog. Read more about Susie Q