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Tax Deferred Savings (IRA)

Tax Deferred Savings (IRA). IDS 1999 9/24/12 Ryan Cowan Blake Cowan (not related). What is Tax Deferred Savings?. S avings plan or account Registered with government Provides deferral of tax obligations Portion of current income 401K Plans. Individual Retirement Account (IRA).

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Tax Deferred Savings (IRA)

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  1. Tax Deferred Savings (IRA) IDS 1999 9/24/12 Ryan Cowan Blake Cowan (not related)

  2. What is Tax Deferred Savings? • Savings plan or account • Registered with government • Provides deferral of tax obligations • Portion of current income • 401K Plans

  3. Individual Retirement Account (IRA) • Retirement plan • Tax advantages • Benefits taxpayers or their beneficiaries

  4. Problems • $142 Billion per year • $788.3 Billion in the next 5 years • 2nd largest “tax expenditure”

  5. What This Means for You • Start saving money early • Money for retirement • Use savings at 59 1/2

  6. Sources • http://www.americanprogress.org/issues/open-government/news/2011/01/19/8862/tax-expenditure-of-the-week-tax-deferred-retirement-savings/ • http://en.wikipedia.org/wiki/Individual_retirement_account#Funding

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