Founded in 1902, AAA is a not-for-profit organization of clubs serving more than 51 million members in the United States and Canada. As North America's largest motoring and leisure travel organization, AAA provides its members a full range of travel, insurance, financial and automotive-related services through a network of 1,100 offices, as well as its full-service Web site: AAA.com. Since its founding, AAA has been an advocate for the motorist and traveler, continually lobbying for driver and passenger rights, fair laws and safer vehicles and roads. Through affiliations with motoring clubs around the world, AAA provides benefits to members traveling in 130 countries on six continents. Today, 25 percent of all U.S. households have a AAA membership. Nearly 27 percent of all North American passenger vehicles belong to AAA members.
How to Save for Retirement using IRAs
Bill Gerhard, AAA’s director of Financial Services, explains how you can save for retirement using IRAs.
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Bill Gerhard: Hi! I am Bill Gerhard, Director of Financial Services for AAA. Every one needs to prepare for retirement. One of the best ways to do that is by using an individual retirement account. So let's get back to the office and talk about some of the options.
Now that we are back in the office, let's discuss how to save for retirement using individual retirement accounts, also known as IRAs. I'll began by explaining what an IRA is, then I'll discuss traditional IRAs, and how they could help you save for retirement.
Next, we'll look at the eligibility for Roth IRAs and the advantages they can deliver. We'll review finding a provider for Traditional and Roth IRA investments. Then we'll go over IRA investment allocation options and how you can put together portfolio that's right for you.
We'll review the pitfalls of early withdrawal and penalties, and touch on maturity options. We'll review how to roll over an IRA, both opportunities to look for and pitfalls to avoid. And in our final video in this series, we'll look at how understanding compound interest and the Rule of 72.
We'll help you protect how fast your earnings might grow. As a Director of AAA Financial Services, I'll be your guide through this series, which we created to promote savings and help you understand savings products.
We hope to give you a good foundation to build upon, but please keep in mind that investment opportunities and tax regulations are subject to change. Talk with the financial professional or tax consultant before you make a large or long term financial commitment.
AAA offers you information in this video series for educational purposes only. Carefully consider objectives, risks, expenses and tax implications before investing.
Up next, I'll explain what an individual retirement account or IRA is, and how we can help you save for retirement.