How to Save for Retirement using IRAs

How to Save for Retirement using IRAs

Retirement Savings - What Is an IRA?

Retirement Savings - What Is an IRA?

Retirement Savings - What is a Traditional IRA?

Retirement Savings - What is a Traditional IRA?

Retirement Savings - What is a Roth IRA?

Retirement Savings - What is a Roth IRA?

Retirement Savings - Finding a Provider

Retirement Savings - Finding a Provider

Retirement Savings - IRA Investment Allocation Options

Retirement Savings - IRA Investment Allocation Options

Retirement Savings - IRA Withdrawals, Rules and Penalties

Retirement Savings - IRA Withdrawals, Rules and Penalties

Retirement Savings - How to Roll Over an IRA

Retirement Savings - How to Roll Over an IRA

Retirement Savings - Compound Interest and the Rule of 72

Retirement Savings - Compound Interest and the Rule of 72

How To Sell Your Own Car

How To Sell Your Own Car

How To Pay A Fair Price For Auto Repair

How To Pay A Fair Price For Auto Repair

Pet Passenger Safety

Pet Passenger Safety

Car Theft Prevention Tips

Car Theft Prevention Tips

Prepare A Car For Extended Storage

Prepare A Car For Extended Storage

How To Keep Kids & Pets Safe In The Car

How To Keep Kids & Pets Safe In The Car

Steps To Be A Smarter Teen Driver

Steps To Be A Smarter Teen Driver

The Move Over Law Saves Lives

The Move Over Law Saves Lives

Importance Of Driver Education

Importance Of Driver Education

What To Do If An Animal Runs In Front Of You

What To Do If An Animal Runs In Front Of You

 Most Common Driving Mistakes To Avoid

Most Common Driving Mistakes To Avoid

How To Tell If A Car Has Been Flooded

How To Tell If A Car Has Been Flooded

What To Do If Your Vehicle Breaks Down

What To Do If Your Vehicle Breaks Down

How To Care For A Car At College

How To Care For A Car At College

Learn About Lost Car Facts

Learn About Lost Car Facts

Tips For Safe Winter Driving

Tips For Safe Winter Driving

The True Cost Of A DUI

The True Cost Of A DUI

Smart Features For Mature Drivers

Smart Features For Mature Drivers

What To Do About A Vehicle Recall

What To Do About A Vehicle Recall

E-15 Fuel Blend Cause For Caution

E-15 Fuel Blend Cause For Caution

Critical Winter  Car Care

Critical Winter Car Care

Dangers Of Disregarding Auto Repair

Dangers Of Disregarding Auto Repair

Get The Highest Resale For Your Car

Get The Highest Resale For Your Car

5 Steps For A Cleaner Car

5 Steps For A Cleaner Car

Tips To Avoid Road Rage While Driving

Tips To Avoid Road Rage While Driving

How To Prevent Dangerous Drowsy Driving

How To Prevent Dangerous Drowsy Driving

Maintenance Musts For Your Vehicle

Maintenance Musts For Your Vehicle

How To Drive To Reduce A Traffic Jam

How To Drive To Reduce A Traffic Jam

Travel Safety Tips For Road Trips

Travel Safety Tips For Road Trips

How To Test Your Driving Skills

How To Test Your Driving Skills

Tips For Tire Safety

Tips For Tire Safety

How To Plan A Stress Free Summer Road Trip

How To Plan A Stress Free Summer Road Trip

How To Choose A Quality Mechanic You Can Trust

How To Choose A Quality Mechanic You Can Trust

How to Drive To Minimize Fuel Use

How to Drive To Minimize Fuel Use

How To Talk To Your Mechanic

How To Talk To Your Mechanic

Don't Ignore Vehicle Warning Lights

Don't Ignore Vehicle Warning Lights

Protect Your Car From Hot Weather

Protect Your Car From Hot Weather

Tips For Maintaining Vehicle Appearance

Tips For Maintaining Vehicle Appearance

How To Buy A Car

How To Buy A Car

What To Do After A Collision

What To Do After A Collision

Holiday Travel Survival Tips

Holiday Travel Survival Tips

Independence Day Travel Forecast

Independence Day Travel Forecast

How To Choose The Best Driving School For Your Teen

How To Choose The Best Driving School For Your Teen

Why The 10 & 2 Driving Position Is Unsafe

Why The 10 & 2 Driving Position Is Unsafe

Driving Tips For Wet Roads

Driving Tips For Wet Roads

Cyclists And Motorists Share The Road For Safety

Cyclists And Motorists Share The Road For Safety

The True Costs of Driving

The True Costs of Driving

Understanding  Common Driving Safety Myths

Understanding Common Driving Safety Myths

Boost Fuel Efficiency With New Engine Technology

Boost Fuel Efficiency With New Engine Technology

 Top Green Cars On The Market

Top Green Cars On The Market

Tips To Extend The Life Of Your Car

Tips To Extend The Life Of Your Car

Adjust Mirrors For Improved Safety

Adjust Mirrors For Improved Safety

Prepare For Cars Without Spare Tires

Prepare For Cars Without Spare Tires

Car Seat Safety Tips

Car Seat Safety Tips

Safely Remove Snow From Your Car

Safely Remove Snow From Your Car

Seat Belt Safety Facts

Seat Belt Safety Facts

Booster Car Seat Facts

Booster Car Seat Facts

Forward-Facing Car Seat Facts

Forward-Facing Car Seat Facts

Rear-Facing Car Seat Facts

Rear-Facing Car Seat Facts

Understanding The Importance Of A Child Safety Seat

Understanding The Importance Of A Child Safety Seat

Be A Bike Safety Role Model

Be A Bike Safety Role Model

Creating a Bicycle Friendly America

Creating a Bicycle Friendly America

Bike Safety Tips For Adults

Bike Safety Tips For Adults

Share the Road to Prevent Accidents

Share the Road to Prevent Accidents

Understanding the Importance of Bike Safety

Understanding the Importance of Bike Safety

What To Remember When Renting A Car

What To Remember When Renting A Car

Easy Tips To Improve Fuel Efficiency

Easy Tips To Improve Fuel Efficiency

The Real Dangers Of Running Out of Gas

The Real Dangers Of Running Out of Gas

Common Car Care Tasks

Common Car Care Tasks

Stop Texting And Save Lives

Stop Texting And Save Lives

Sudden Tire Blow-Out Safety

Sudden Tire Blow-Out Safety

Maintaining Vehicle Appearance - Exterior Protect and Detail

Maintaining Vehicle Appearance - Exterior Protect and Detail

Maintaining Vehicle Appearance - Exterior Clean and Polish

Maintaining Vehicle Appearance - Exterior Clean and Polish

Maintaining Vehicle Appearance - Interior Maintenance

Maintaining Vehicle Appearance - Interior Maintenance

Tips for Maintaining Vehicle Appearance

Tips for Maintaining Vehicle Appearance

Improving Gas Mileage - What Determines Gas Prices

Improving Gas Mileage - What Determines Gas Prices

Improving Gas Mileage - Gas Saving Extras

Improving Gas Mileage - Gas Saving Extras

Improving Gas Mileage - Advance Planning

Improving Gas Mileage - Advance Planning

Improving Gas Mileage - Vehicle Maintenance

Improving Gas Mileage - Vehicle Maintenance

Improving Gas Mileage - Changing How You Drive

Improving Gas Mileage - Changing How You Drive

Improving Gas Mileage When Driving

Improving Gas Mileage When Driving

Engine Fluids - Windshield Wiper Fluid

Engine Fluids - Windshield Wiper Fluid

Engine Fluids - Transmission Fluid

Engine Fluids - Transmission Fluid

Engine Fluids - Power Steering Fluid

Engine Fluids - Power Steering Fluid

Engine Fluids - Brake Fluid

Engine Fluids - Brake Fluid

Engine Fluids - Coolant

Engine Fluids - Coolant

Engine Fluids - Oil

Engine Fluids - Oil

Tips on Engine Fluids

Tips on Engine Fluids

Shopping for a New Auto Battery

Shopping for a New Auto Battery

Auto Batteries - Understanding Auto Battery Testing

Auto Batteries - Understanding Auto Battery Testing

Auto Batteries - Battery Care

Auto Batteries - Battery Care

Tips on Auto Batteries

Tips on Auto Batteries

Renting a Car - Travel Technology

Renting a Car - Travel Technology

Renting a Car - Dealing With Breakdowns

Renting a Car - Dealing With Breakdowns

Renting a Car - International Rentals

Renting a Car - International Rentals

Renting a Car - Choosing Car Insurance

Renting a Car - Choosing Car Insurance

Renting a Car - Picking Up Your Rental Car

Renting a Car - Picking Up Your Rental Car

Renting a Car - Getting the Most Out of Your Rental

Renting a Car - Getting the Most Out of Your Rental

Driving Emergency - Run-off-road

Driving Emergency - Run-off-road

Driving Emergency - Tire Blowout

Driving Emergency - Tire Blowout

Driving Emergency - Stuck Accelerator

Driving Emergency - Stuck Accelerator

Driving Emergencies

Driving Emergencies

Distracted Driving – Testing Drivers While Text Messaging

Distracted Driving – Testing Drivers While Text Messaging

Distracted Driving - Text Messaging

Distracted Driving - Text Messaging

Distracted Driving - Cell Phones

Distracted Driving - Cell Phones

Distracted Driving - External Distractions

Distracted Driving - External Distractions

Distracted Driving – Distracting Passengers

Distracted Driving – Distracting Passengers

Distracted Driving - Stereos, GPS, and Other Electronics

Distracted Driving - Stereos, GPS, and Other Electronics

The Challenge of Distracted Driving

The Challenge of Distracted Driving

How to Avoid Distracted Driving

How to Avoid Distracted Driving

Saving Money – Setting & Achieving Financial Goals

Saving Money – Setting & Achieving Financial Goals

How to Open a Savings Account

How to Open a Savings Account

Types of Money Savings Options

Types of Money Savings Options

Reasons to Save Money

Reasons to Save Money

How to Save Money

How to Save Money

Where to Open a Savings Account

Where to Open a Savings Account

Savings - Compound Interest and the Rule of 72

Savings - Compound Interest and the Rule of 72

CD Laddering

CD Laddering

CD Early Withdrawals , Penalties and Maturity Options

CD Early Withdrawals , Penalties and Maturity Options

Comparing Savings Rates: APR and APY

Comparing Savings Rates: APR and APY

What Is a CD?

What Is a CD?

How to Invest in CDs, Money Markets & Savings Accounts

How to Invest in CDs, Money Markets & Savings Accounts

Retirement Savings - Compound Interest and the Rule of 72

Retirement Savings - Compound Interest and the Rule of 72

Retirement Savings - How to Roll Over an IRA

Retirement Savings - How to Roll Over an IRA

Retirement Savings - IRA Withdrawals, Rules and Penalties

Retirement Savings - IRA Withdrawals, Rules and Penalties

Retirement Savings - IRA Investment Allocation Options

Retirement Savings - IRA Investment Allocation Options

Retirement Savings - Finding a Provider

Retirement Savings - Finding a Provider

Retirement Savings - What is a Roth IRA?

Retirement Savings - What is a Roth IRA?

Retirement Savings - What is a Traditional IRA?

Retirement Savings - What is a Traditional IRA?

Retirement Savings - What Is an IRA?

Retirement Savings - What Is an IRA?

How to Save for Retirement using IRAs

How to Save for Retirement using IRAs

How to Remove Snow from your Car

How to Remove Snow from your Car

International Travel - How to Stay in Touch While you're Gone

International Travel - How to Stay in Touch While you're Gone

International Travel - How to Take Advantage of Off Season Travel

International Travel - How to Take Advantage of Off Season Travel

How to Pack for International Travel

How to Pack for International Travel

International Travel - How to Plan for Emergencies

International Travel - How to Plan for Emergencies

International Travel - How to Save for & During your Trip

International Travel - How to Save for & During your Trip

International Travel - What Types of Money to Use

International Travel - What Types of Money to Use

International Travel - Escorted or Independent Travel

International Travel - Escorted or Independent Travel

International Travel - Travel Insurance

International Travel - Travel Insurance

International Travel - International Driving Permit

International Travel - International Driving Permit

International Travel - Getting a Passport or Visa

International Travel - Getting a Passport or Visa

International Travel - What Documents to Take

International Travel - What Documents to Take

How to Plan for International Travel

How to Plan for International Travel

How to Change a Flat Tire

How to Change a Flat Tire

How to Maintain Your Tires

How to Maintain Your Tires

Buying Tires for Your Vehicle

Buying Tires for Your Vehicle

When to Replace Tires

When to Replace Tires

Buying a Car - Maintaining the Vehicle

Buying a Car - Maintaining the Vehicle

Buying a Car - Negotiation

Buying a Car - Negotiation

Buying a Car - What to do with Your Old Vehicle

Buying a Car - What to do with Your Old Vehicle

Buying a Car - The Dealer Experience

Buying a Car - The Dealer Experience

Buying a Used Car in 6 Steps

Buying a Used Car in 6 Steps

How to Buy a New Car

How to Buy a New Car

DIY Auto Repair vs Professional Repair

DIY Auto Repair vs Professional Repair

Choosing an Auto Mechanic

Choosing an Auto Mechanic

Auto Maintenance - Safety, Reliability, and Longevity

Auto Maintenance - Safety, Reliability, and Longevity

Factory Auto Maintenance Schedules

Factory Auto Maintenance Schedules

Auto Maintenance vs. Repair

Auto Maintenance vs. Repair

Winterize a Car - Surviving a Roadside Breakdown

Winterize a Car - Surviving a Roadside Breakdown

Winterize a Car - Preparing an Emergency Supply Kit

Winterize a Car - Preparing an Emergency Supply Kit

Winterize a Car - Tires

Winterize a Car - Tires

Winterize a Car - Battery

Winterize a Car - Battery

Winterize a Car - Cooling System

Winterize a Car - Cooling System

Winterize a Car - Heaters, Defrosters, Wipers

Winterize a Car - Heaters, Defrosters, Wipers

Winterize a Car - Exhaust & Fuel System

Winterize a Car - Exhaust & Fuel System

Winterize a Car - Engine & Fuel System

Winterize a Car - Engine & Fuel System

Winterize a Car - Brakes / ABS

Winterize a Car - Brakes / ABS

How to Winterize a Car

How to Winterize a Car

Investing - Four Steps to Successful Investing

Investing - Four Steps to Successful Investing

Create A Financial Year End Review

Create A Financial Year End Review

Understand The Stock Market

Understand The Stock Market

How To Spend Your Time In Retirement

How To Spend Your Time In Retirement

Consider Inflation On Your Retirement Savings

Consider Inflation On Your Retirement Savings

Investing With A Long Term View

Investing With A Long Term View

Tips For Investing In Gold

Tips For Investing In Gold

Set Financial Goals In 4 Steps

Set Financial Goals In 4 Steps

Tips For Investing In Bonds

Tips For Investing In Bonds

 6 Ways to Save on Home Owner's Insurance

6 Ways to Save on Home Owner's Insurance

Key Documents To Keep 7 Years Or More

Key Documents To Keep 7 Years Or More

Define Your Definition Of Retirement

Define Your Definition Of Retirement

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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.

Retirement Savings - IRA Withdrawals, Rules and Penalties

Bill Gerhard, AAA’s director of Financial Services, discusses IRA withdrawals, rules and penalties.

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How to save for retirement using IRAs?

Bill Gerhard: Hi! I am Bill Gerhard, Director of Financial Services for AAA. I am talking about how to save for retirement using IRAs. IRAs were created to encourage savings for retirement, so there are penalties to discourage early withdrawal. Let's look at withdrawals rules and penalties you need to understand before investing in an IRA.

You can begin by taking money out of your traditional IRA without a federal tax penalty when you are 59-and-a-half-years old. If you take money out of your traditional IRA before your age 59-and-a-half, you will pay a penalty currently 10% and all taxes on the money which is considered additional ordinary income. You must begin taking Required Minimum Distributions by age 70-and-a-half to avoid penalties for a traditional IRA. Your total distribution is taxed as ordinary income.

In some very specific situations, you may withdraw a specific amount from your IRA without penalty if you need certain IRS criteria for home ownership, medical expenses or education, for example.

Always consult a financial planner or tax consultant to make sure you qualify for an exemption. A Roth IRA has different eligibility rules than a traditional Individual Retirement Account.

You can contribute to a Roth IRA at any age if you have earned income, such as salaries, professional fees or bonuses. There is no mandatory distribution at age 70-and-a-half. There is no distribution age requirement. If your Roth IRA has been opened for at least five years, distributions are not subject to federal taxation on your contribution or federal penalties.

Like a traditional IRA, the amount you can contribute to a Roth IRA each year is limited. Currently, the limit is $5,000 per year or $6,000 if you are over the age of 50.

You can contribute to a Roth IRA at any time for a given calendar year, up to the time you file your taxes. For example, you could make a contribution for the current tax year between January 1st of that year and April 15th of the following year.

As of this year, you are allowed to make an additional contribution of $1,000 if you are age 50 or older. These are called catch-up contributions. Your income may vary, tax regulations change annually. Before you make decisions about opening a new IRA or making contributions or withdrawals, do your homework. A financial planner or tax consultant can help you avoid penalties and optimize your investment for a worry-free retirement.

AAA offers the information in this video series for educational purposes only. Carefully consider objectives, risks, expenses and tax implications before investing.

The next video in this series will explain to you how to roll over or transfer an IRA, which means moving your savings from one custodian to another.

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Traditional Vs. Roth IRA. IRA by jimamily1 at 08/13/10 02:48AM Flag

The choice of a Traditional versus a Roth IRA (Individual Retirement Account) depends upon individual retirement goals and the age of the investor, both when starting the account and in the number of years until retirement. Traditional Vs. Roth IRA. IRA http://traditionalvsrothira.com/

Roth IRA Withdrawal Rules by jimamily1 at 08/12/10 11:23AM Flag

Retirement is an inevitable destination for all, and many opt for an Individual Retirement Arrangement (IRA). However, there is a certain type of IRA called the Roth IRA. Roth IRA Withdrawal Rules http://rothirawithdrawalrules.com/

Roth IRA Distribution Rules by jimamily1 at 08/12/10 11:01AM Flag

Roth IRA Distribution Rules are straightforward and follow some standard scenarios including distribution (withdrawals), transfers, contributions and eligibility. Roth IRA Distribution Rules http://rothiradistributionrules.com/

Roth IRA Contribution Limit by jimamily1 at 08/12/10 10:03AM Flag

The government imposes contribution limits on all types of IRA. The Roth IRA Contribution Limit rules can change. It is essential that you review this, at the beginning of each new financial year. This will ensure you understand the maximum dollar amount you are allowed to deposit in your IRAs for that year. Roth IRA Contribution Limit http://rothiracontributionlimit.com/

Retirement by jimamily1 at 08/12/10 04:45AM Flag

There are tax benefits to using IRA accounts. It is a brilliant idea to discuss setting up an IRA, with your financial advisor. Retirement http://nondeductibleira.com/

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