Q:

What are some resources for choosing the best IRA?

A:

Quick Answer

The Internal Revenue Service and personal financial websites such as Bankrate and The Simple Dollar are resources for choosing the best individual retirement account. Important considerations are if funds are taxed before or after contributing, account minimums, trading commissions and transaction fees, according to The Simple Dollar.

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Full Answer

The IRS can't give advice about specific investments, states the agency's official website. It provides information about choosing whether a Roth or traditional plan is best and other information about the process of choosing a plan.

Roth IRAs require account holders to pay taxes before contributing and traditional IRAs, explains Bankrate. Besides tax implications, investors should consider the age they plan to withdraw funds and their total income when choosing the best IRA account due to caps and penalties.

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