What is a Retirement Savings Account?

What is a Retirement Savings Account?
by

1 Answer

Answer :

A retirement savings account will never be named as such, but there are certain types of investments that simply work best when saved for retirement. Among them - The annuity. Many annuities have maturation periods that go until retirement, and most have a surrender fee that must be paid if money is taken out of there early. IRAs. The IRA is a retirement account that is named a retirement account, but investors should know the difference between the IRA and the Roth IRA, and the instances in which they could take advantage of both types.
by

Related questions

How much is this employee contributing to his her retirement savings plan each pay period?

Description : How much is this employee contributing to his her retirement savings plan each pay period?

Last Answer : What is the answer ?

How can I earn the most on my retirement savings?

Description : How can I earn the most on my retirement savings?

Last Answer : The first strategy is to start as early as you can to save for retirement. Once you've established an account make regular systematic deposits.

Are mutual funds able to be held in a registered retirement savings plan?

Description : Are mutual funds able to be held in a registered retirement savings plan?

Last Answer : A registered retirement account can invest in stocks, bonds and mutual funds.

What is the best retirement savings plan to invest in?

Description : What is the best retirement savings plan to invest in?

Last Answer : The best retirement savings plan to invest in depends on your financial needs and what works for you. You should meet with a financial advisor and look at the different options available.

2. Which of the following groups is most hurt by unexpected inflation? a. workers with cost of living adjustments in their labor contracts b. homeownersc. people with large debts to pay for their homes and carsd. people with large retirement savings held in savings accounts

Description : 2. Which of the following groups is most hurt by unexpected inflation? a. workers with cost of living adjustments in their labor contracts b. homeowners c. people with large debts to pay for their homes and cars d. people with large retirement savings held in savings accounts

Last Answer : d. people with large retirement savings held in savings accounts

Where can I find any information on guaranteed retirement account proposals and claims of confiscation of 401k funds?

Description : Where can I find any information on guaranteed retirement account proposals and claims of confiscation of 401k funds?

Last Answer : answer:I hadn't even heard the term until you mentioned it. It's all news to me. I did a google search for Guaranteed Retirement Account and found the same links you can find doing that search. So I ... right-wingnuts. I don't know yet, but it's something else to know about'. Thanks for the Q.

What will happen if I decide to withdraw money out of my 401K account before I reach retirement age?

Description : What will happen if I decide to withdraw money out of my 401K account before I reach retirement age?

Last Answer : You will get nailed with at least a 10% penalty and have to claim it as taxable income besides, unless you can do it on a 401k loan wich you repay to yourself at a set interest rate. (a much better idea)

Are self-directed IRAs available to people who have a retirement account through their employer?

Description : Are self-directed IRAs available to people who have a retirement account through their employer?

Last Answer : IRA's are available to anyone with an earned income. A traditional IRA does not have any income limitations unlike the Roth IRA which phases out its benefits for those making high incomes. Many ... to the company match and then contribute to an IRA to gain access to additional investment options.

Benefits of an Investment Retirement Account?

Description : Benefits of an Investment Retirement Account?

Last Answer : For many eventual retirees, an investment retirement account can often prove more than vital. These accounts are often individual retirement accounts that are vested into stocks rather than a simple ... what they can to avoid this problem by making smart investments and growing their portfolio.

Where can one get a individual retirement account?

Description : Where can one get a individual retirement account?

Last Answer : Individual retirement accounts or IRAs are savings accounts for use when you retire. They are opened often for their tax breaks. You can open one at the bank but there are restrictions, not everyone can ... also several types of IRAs. They are Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs.

Mark the correct option relating to Senior citizens saving scheme a) An individual of the Age 60 years or more may open the account b) An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account within the one month of receipt the retirement benefits and not exceed the amount of retirement benefits c) The maturity period is 5 years d) All the above

Description : Mark the correct option relating to Senior citizens saving scheme a) An individual of the Age 60 years or more may open the account b) An individual of the age of 55 years or more but less than 60 ... and not exceed the amount of retirement benefits c) The maturity period is 5 years d) All the above

Last Answer : d) All the above

Is it normal to get $0.01 interest on $750 savings account?

Description : Is it normal to get $0.01 interest on $750 savings account?

Last Answer : Sounds normal. Interest rates are so flipping low. You could shop around for a higher rate somewhere.

What type of savings institution pays the most interest on a savings account?

Description : What type of savings institution pays the most interest on a savings account?

Last Answer : In the US, there are all sorts - like dozens and dozens - of banks that are offering 2.50 or 2.60% on money these days. Go to https://www.bankrate.com and click on either Savings ... but there are some mild restrictions on how many transactions per month. Really easy to find alternatives these days.

What is an average interest payment on a savings account?

Description : What is an average interest payment on a savings account?

Last Answer : I was told that my interest is half a percent per month if I don’t take any out. I was told that when I reach a minimum of $5,000 a month that my savings interest would be 1.5 percent if I switch to a high interest savings account.

What is the interest for a typical savings account on $5,000?

Description : What is the interest for a typical savings account on $5,000?

Last Answer : Edit I just called the bank. It is $3.50 a month. $42 a year.

If you had just enough money in your savings account to pay off your house, would you?

Description : If you had just enough money in your savings account to pay off your house, would you?

Last Answer : It would depend on the interest rate, @chyna, and other things like they type of loan, how much equity I had in the house, amount of mortgage payment, value of the home…

Whats the highest savings account interest rate, and CD interest rate, you know of?

Description : Whats the highest savings account interest rate, and CD interest rate, you know of?

Last Answer : For savings I use smartypig.com. It works great.

"Are there any credit cards that pay interest like a savings account?

Description : "Are there any credit cards that pay interest like a savings account?

Last Answer : You mean a debit/credit card? I have one of them.

Should I open a Money Market Savings account or general Savings account?

Description : Should I open a Money Market Savings account or general Savings account?

Last Answer : Stay away from Monkey markets; otherwise the interest on a conservative (Vanguard.com) money market fund is about 0.17%. Pathetic, but at least your principal is safe and if the feds raise the prime rate ... is a list of some banks that are paying slightly higher rates ($16.90 vs. $2.40/annum).

What is the difference between a savings and a money market account?

Description : What is the difference between a savings and a money market account?

Last Answer : Vanguard Money Market Funds pay better interest than most savings accounts; plus they offer the convenience of check-writing privileges. Check out vanguard.com for your state; If you are interested in long- ... rates for savings and CDs. Capitalone has a good MM rate if you use their Master Card.

How do you set up a savings account for a child?

Description : How do you set up a savings account for a child?

Last Answer : Any bank officer will help you. Try to find the best interest rates online as well.

Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Description : Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Last Answer : A person with 10 million dollars probably has a diversified investment portfolio with a variety of risk levels and return levels. As a result, his insurance is that not everything will collapse at the ... 10% above inflation, banks are a very poor choice for someone with lots of money to invest.

How much is in your savings account currently?

Description : How much is in your savings account currently?

Last Answer : 22 bucks

what Calculate the new balance after one year on a savings account if the previous balance was $230.10 and the interest rate was 4%.?

Description : what Calculate the new balance after one year on a savings account if the previous balance was $230.10 and the interest rate was 4%.?

Last Answer : 239.3

What is Home Savings Account ?

Description : What is Home Savings Account ?

Last Answer : The savings account through which the bank allows the people to save money at home is called home savings account. Such calculations are usually conducted to increase the savings tendency among the poor and uneducated population.

What is a savings account ?

Description : What is a savings account ?

Last Answer : : A savings account is a bank account which is usually used by a person of fixed and fixed income for savings purposes. Banks offer low interest rates on savings accounts. Money can be deposited ... accounts can be of different types. For example: 1. Home savings account 2. School savings account

What is female savings account ?

Description : What is female savings account ?

Last Answer : The savings account through which the bank provides banking facility only to women is called women's savings account. These accounts are managed according to the general savings account and such accounts are usually conducted by women.

What is a Labor Savings Account ?

Description : What is a Labor Savings Account ?

Last Answer : : The savings account through which the bank increases the savings tendency of the working population and collects savings is called labor savings account. Banks usually operate these accounts in large industrial areas of the country.

What is insurance savings account ?

Description : What is insurance savings account ?

Last Answer : The savings account of the people through which the people can insure their life as an additional benefit with all the benefits of a savings account. The bank account is called insurance savings account.

What is Home Savings Account ?

Description : What is Home Savings Account ?

Last Answer : The savings account through which the bank allows the people to save money at home is called home savings account. Such calculations are usually conducted to increase the savings tendency among the poor and uneducated population.

IF TCF CLOSES A CHECKING ACCOUNT CAN YOU OPEN ANOTHER ACCOUNT WITH WHETHER IT BE SAVINGS OR CHECKINGS?

Description : IF TCF CLOSES A CHECKING ACCOUNT CAN YOU OPEN ANOTHER ACCOUNT WITH WHETHER IT BE SAVINGS OR CHECKINGS?

Last Answer : They will likely deny your checking account application. You may be able to open a savings account with them.

Do you prefer savings or current account?

Description : Do you prefer savings or current account?

Last Answer : Account is like a wallet usually designed for customers for easy saving and transactions with the aim if monitoring aand sustaining a dependable financial transactions and satisfying customers desires. ... is high per transactions even the use of its check book involves transactional charges.

Businessman generally operates savings bank account.

Description : Businessman generally operates savings bank account.

Last Answer : State whether the following statement are True or False with reason : Businessman generally operates savings bank account.

Distinguish between the following: Current Account and Savings Account.

Description : Distinguish between the following: Current Account and Savings Account.

Last Answer : Distinguish between the following: Current Account and Savings Account.

When Valentina invested 6500 in a savings account with a yearly interest of 4 for 7 years how much simple interest did she earn?

Description : When Valentina invested 6500 in a savings account with a yearly interest of 4 for 7 years how much simple interest did she earn?

Last Answer : 1,820-apex test answer

If you have a traditional savings account you could be charged a fee if?

Description : If you have a traditional savings account you could be charged a fee if?

Last Answer : Need answer

When a customer opens a bank savings account the bank essentially becomes a(n) .?

Description : When a customer opens a bank savings account the bank essentially becomes a(n) .?

Last Answer : borrower

What has cidney savings account with National Bank. She earns 4 interest compounded yearly on 1250.00. What amount will she receive in interest in three years?

Description : What has cidney savings account with National Bank. She earns 4 interest compounded yearly on 1250.00. What amount will she receive in interest in three years?

Last Answer : What is the answer ?

When a customer opens a bank savings account the bank essentially becomes a(n) .?

Description : When a customer opens a bank savings account the bank essentially becomes a(n) .?

Last Answer : borrower

Health Savings Account (HSA) Goal Calculator?

Description : Health Savings Account (HSA) Goal Calculator?

Last Answer : Health Savings Account (HSA) Goal CalculatorAre you looking at the Health Savings Account (HSA) as a retirement account? Do you have an amount in mind that you want to carry over into retirement? This calculator will help you determine what you need to do in order to reach your goal.

Choosing the Right Savings Account?

Description : Choosing the Right Savings Account?

Last Answer : When making the decision to open a savings account, there aremany considerations a savvy consumer must keep in mind. Bycarelessly opening a savings account, a consumer risks throwinghimself or herself into an ... the interest rate of asavings account. If one is new to the process of opening a savi

The Importance of a Personal Savings Account?

Description : The Importance of a Personal Savings Account?

Last Answer : Owning a personal savings account is one of the best things that a consumer can do to ensure that they are financially secure. A personal savings account is a bank account in which a consumer can ... business, the contents of most savings accounts are insured by the FDIC for up to $100,000.Anoth

Opening an Educational Savings Account?

Description : Opening an Educational Savings Account?

Last Answer : Upon the birth of their first child, most couples immediatelyopen a savings account for their child in order to pay for theircollege expenses. Since the account will not be used for almost ... without having to betaxed for interest earnings, appreciation or dividends. There is acatch, however -

How is a money market savings account different than a regular savings account Can I make more money in it?

Description : How is a money market savings account different than a regular savings account Can I make more money in it?

Last Answer : A simple savings account generally pays the owner a set amount of stated interest on his or her deposits based upon an particular annual rate. Money market savings accounts typically require higher balances ... rate. Both kinds of accounts are guaranteed in the United States by the FDIC and NCUA.

What are the interest rates for a savings account from Chase bank?

Description : What are the interest rates for a savings account from Chase bank?

Last Answer : Chase currently offers an interest rate of .5 on their savings accounts. These are not high rates.

Is the yield for a Chase money market savings account high?

Description : Is the yield for a Chase money market savings account high?

Last Answer : The yield for the Chase money market savings account is in line with the National average.You will find the highest rates with online accounts like www.DiscoverBank.com

Why do bank savings account interest rates change over the years?

Description : Why do bank savings account interest rates change over the years?

Last Answer : The interest rate at which they lend out money changes, which changes your interest rate. Banks are a buisness and if their interest rates are lower then your interest rates, they make no ... pay to the govenrment changes. Whnever the federal reserve rate changes,your interest rates can change.

Do you know if banks will still give high interest rates on savings accounts compared to a regular checking account?

Description : Do you know if banks will still give high interest rates on savings accounts compared to a regular checking account?

Last Answer : Most savings accounts hold little to no interest rate currently. They are basically the same as a checking account. If you are looking for higher yield interest, consider purchasing a CD.

Is there an age requirement for opening a savings account?

Description : Is there an age requirement for opening a savings account?

Last Answer : No, parents can open savings accounts for children or children can open savings accounts for themselves. If a parent has opened a savings account for a child then they can put it in their name once they turn eighteen.

What is the best savings account offered by online banks?

Description : What is the best savings account offered by online banks?

Last Answer : The "best" is subjective and will depend on the features that you are looking for in a bank. Personally, First Command Bank is an awesome bank with a high interest money market savings account. American Express Bank currently has a 1.3% interest rate for their savings accounts.