Individual Retirement Account (IRA)

Written By Minh Tong
Feb 14, 2023
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An Individual Retirement Account (IRA) is a type of account that is specifically designed to help individuals save for retirement. IRAs offer tax advantages and allow individuals to save money in a variety of investments, such as stocks, bonds, and mutual funds.

There are two main types of IRAs: Traditional IRA and Roth IRA.

Traditional IRA


A Traditional IRA allows individuals to make contributions with pre-tax dollars, which means that the contributions are deductible from their taxable income for the year in which they are made. The money in the account grows tax-deferred, and taxes are paid when the funds are withdrawn, usually in retirement.

Roth IRA


A Roth IRA, on the other hand, allows individuals to make contributions with after-tax dollars, which means that the contributions are not deductible from their taxable income for the year in which they are made. The money in the account grows tax-free, and qualified withdrawals from the account are also tax-free.

There are contribution limits for both types of IRAs, and there may be penalties for early withdrawals if an individual withdraws funds before they reach the age of 59 1/2. There may also be restrictions on the types of investments that can be made within an IRA, and it is important to consult a financial advisor or tax professional for more information.

Another important aspect of IRAs is Required Minimum Distributions (RMDs). Once an individual reaches the age of 72, they are required to begin taking RMDs from their traditional IRA. The RMD is calculated based on the individual’s life expectancy and the value of the account.

For more information on the best ways to save, speak with an Americor professional today.


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We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

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