To start off, let’s talk about the basics of IRAs. The following information holds true for both traditional IRA (TIRA) and Roth IRA (RIRA) plans.
IRA accounts can be held at a variety of institutions, from banks and credit unions, to brokerages and insurance companies. Essentially, if it is a financial institution, quite likely there is an IRA offering. Typically, an account is established by filling out an application, identifying yourself by name, address, and social security number. You’ll be asked to name a beneficiary – a decision not to be taken lightly, but we’ll get to that issue a …Read More