Understanding the Basics
What is an Account? An Individual Retirement Account, or Account, is an account that lets you invest and earmark funds for retirement, which can give you significant tax advantages. The most common Account’s are Traditional. Provided that you are aware and abide by the rules and restrictions, an Account can be one of the most efficient, cost-effective, and beneficial vehicles you have for funding your retirement.
Besides the structure that Accounts provide to your retirement plan, they also have tax advantages. While you have your choice of investments and any investment can lose value, an Account will essentially help you keep more of your potential gains, which can help you accumulate more with the power of compound interest or reinvested dividends or returns.
While these benefits are important, it’s also vital to understand that Accounts have distribution rules that make it costly for you to withdraw funds before you retire. This is by design, and discourages early withdrawals. Withdrawals made before the mandated retirement age from an Account are taxable and may result in a penalty, draining away any tax savings you may have reaped from making contributions through the years.
When you open a no-maintenance fee OroTrade Account you can take advantage of helpful planning tools like the Retirement Calculator and the Selection Tool. And we make it easy to fund your retirement account right away with convenient deposits right from your smartphone or tablet. No matter your retirement goals, OroTrade makes it easy to open an Account that may best fit your objectives.
Get help aligning your investment strategy to your goals with managed portfolios from OroTrade . These professionally managed portfolios are designed to help you pursue your financial needs as they change and grow.