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Asked 10/20/2007
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hey guys what is the advantage of a retirement savings plan compared to an ordinary savings plan? Considering that when u have to withdraw from ur retirement account you are taxed. But withdrawing from your savings account u r not taxed. |
Answer 1/1 - Submitted 10/21/2007
With a traditional IRA you don't have to pay income tax for the money funded into it. When you finally retire and start withdrawing funds, you pay a nominal fee, something like 10%.
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