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What is Charles Schwab IRA Account?
Schwab provides Retirement Accounts for new, inherited and custodial IRAs that include the following types of Individual Retirement Accounts (IRAs):
Traditional IRA Accounts provide immediate tax relief (if qualified) and allow accumulated financial gains with tax-deferment until the funds are withdrawn for retirement purposes. CharlesSchwab charges nothing to open a Traditional IRA or to maintain such a retirement account. Traditional IRAs involve certain restrictions as to the age of the owner of the account, mandatory withdrawals and more, all the particulars of which are available on Schwab’s website.
Roth IRA Accounts require a minimum of $1,000 to open, qualified withdrawals can be made tax-free and there are no mandatory withdrawals. Details about Roth IRAs are available on the Schwab website.
Rollover IRAs are IRA accounts that were opened through a financial institution other than CharlesSchwab and are merged into a new account with the Schwab group. Details about this particular type of IRA account are also available on Schwab’s website.
Prior to opening an IRA account, investors should carefully consider all available options that may include keeping assets in a former employer’s plan, taking a cash distribution from the account (which may involve taxes and withdrawal penalties) and other investment options designed for his or her particular situation and future financial goals.
Charles Schwab IRAs Conclusion
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