2.  IRA = Investment Retirement Account  Savings plan opened by yourself  You pick your investments: bonds, stocks, etc. What would your IRA be made up of?  If you withdraw money before 59.5 you must pay a penalty

3.  Traditional – under 70.5  Roth – any age

4.  Traditional IRA  Contributions not taxed  Taxes when you retire ▪ 25% ▪ An additional 10% if you take out your money before age 59.5

5.  Roth IRA  Contributions taxed ▪ 25%  Once in the IRA – cannot be taxed again ▪ Interest cannot be taken out till 59.5

6.  Under 50, contributions capped at $5,500 a year.  If over 50 contributions capped at $6,500

7. 1. What are the benefits of IRAs in general? 2. Benefits of a Roth IRA?

8.  Out of Roth IRAs, Traditional IRAs, and 401ks which will use choose to use for your retirement if any?