answersLogoWhite

0


Best Answer

An IRA is a long-term savings plan that offers certain advantages over other types of investments. Typically, IRA's have tax deferral features that allow investors to re-invest funds until the time the IRA's are cashed out.

User Avatar

Wiki User

11y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is a IRA And what is it used for?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is a roth IRA calculator used for?

The calculator is used to calculate the benefits if anything between your normal IRA when you decide to a roth IRA. Roth IRA varies from normal IRA but both are unique to your financial situation.


What is the relationship between the IRA character code and the packed decimal representation?

As IRA used 8 bits per character . IRA characters are compatible with packed decimal .


What are the interest rates used by the IRA?

There are many different interest rates used by the IRA. Most IRA rates are around 2% and can go up to somewhere around 5%. IRA interest rates can always change.


Where can one use Roth IRA calculators for free?

A Roth IRA calculator is used to calculate the total value of one's Roth IRA. Free Roth IRA calculators are offered by the websites Bankrate, Roth IRA, Money Chimp and Calculator Pro.


Can IRA's be used for college tuition?

IRA's can be used to pay for college tuition with out the 10% penalty of early withdrawal. The money has to be used for qualified expenses however, such as books, supplies and equipment.


Can an IRA be used as collateral for a real estate loan?

No.


Can an IRA be used to pay for child support arrearages?

The State can place a lien on an IRA to collect child support arrearages, yes.


When did the Irish Republican Army start?

During Irish History there have been a number of groups that used the title IRA. The first IRA can date itself back to 1913, known then as the Irish Volunteers, and took the name "Irish Republican Army" in 1919. It is now often referred to as the "Old IRA". Since then there have been splits which have led to groups using "IRA", including: The Provisional IRA (PIRA), founded in 1969 and best known for paramilitary campaigns during the 1970s-1990s; The term 'IRA' is almost always now used to when talking about them, but there are others. The Official IRA was the remainder of the IRA after the Provisional IRA split away in 1969. They are now inactive in the military sense. The 'Real' IRA, and The Continuity IRA were 1990s breakaway from the PIRA.


Can you have Both A Sep Ira and a Simple Ira?

Can you have both a Sep Ira and a Sep Ira?


What can I find out from an IRA calculator?

An Ira caulator is used to find out how much money you will gain in the future with money that you invest now. By using your monthly contribution, years until retirement and estimated annual inflation you can get a realistic prediction of how much money you will get from your investment in the future. However be carefull for there are two kinds of Ira caculators a regualr Ira and a Roth Ira, research what type of Ira is best for you and do not go by just the caculator alone.


How to convert a traditional IRA to a Roth IRA taxes?

Fortunately, you can easily convert your traditional IRA to a Roth IRA during a given tax year. You can contact the company that operates your IRA and have them rollover the traditional IRA to the new Roth IRA.


What kind of IRA accounts are there?

There are many kids of IRA accounts. Traditional IRA, ROTH IRA, SIMPLE IRA and a few more are the various kinds of different IRA accounts. Traditional IRA accounts are one of the more common IRA but are also the most basic and simple to use.