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Individual Retirement Accounts Why botherby William KOutlineThesis When planning for retirement Individual Retirement Accounts offerseveral benefits however careful planning is essential to ensure thatupon retirement there is an adequate amount of money saved that the heirsto the IRA are chosen carefully and that unnecessary taxes and penaltiesare avoidedI Upon retirement there is an adequate amount of money savedA How much money necessary to retire1 Social Security verses retirement2 Savings Accounts verses retirement3 Advantages of starting an IRA earlyII Careful selection of the heirs to the Individual Retirement AccountA Advantage of leaving IRA to spouse1 Special rights as a spouse2 Different options the spouse has for claiming moneyIII Avoiding unnecessary taxes and penalties1 Recoverable trust as beneficiary2 Taking money out before the age of 59 123 Penalties for leaving money in too longMany people often live their lives without considering how they plan to retirePeople do not realize that the idea of living solely on the benefits of socialsecurity is not realistic In order to secure a comfortable future peoplemust have some type of additional income Sacrificing a small amount of moneyinto an IRA at a relatively early age could make a considerable differencein the lives of people upon retirement When planning for retirement IndividualRetirement Accounts offer several benefits however careful planning isessential to ensure that upon retirement there is an adequate amount ofmoney saved that the heirs to the IRA are chosen carefully and that unnecessarytaxes and penalties are avoidedIt is important to consider how much money will be needed for a comfortableretirement Careful planning is essential when considering an item with suchimportance Phaneuf states that according to figures used by most financialplanners upon retirement the average person will need roughly seventy percentof their current income to continue living their present lifestyles 94With only income from Social Security and money saved in bank accounts mostpeople are unable to achieve this goal Furthermore one must also considerfor a retirement account to be effective the account has
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