History Of The Traditional Ira

The book, “The Irish Way” by James R. Barrett is a masterpiece written to describe the life of Irish immigrants who went to start new lives in America after conditions at home became un-accommodative. Widespread insecurity, callous English colonizers and the ghost of great famine still lingering on and on in their lives, made this ethnic group be convinced that home was longer a home anymore. They descended in United States of America in large numbers. James R. Barrett in his book notes that these people were the first group of immigrants to settle in America. According to him, there were a number of several ethnic groups that have arrived in America. It was, however, the mass exodus of Irish people during and after the great

In 1998 an additional way for individuals to save for retirement was introduced to the public as a Roth IRA. These Roth IRA’s are a terrific tax break, especially for individuals previously shut out of the deductible IRA game because their incomes were too high. Here’s why. Unlike traditional IRA’s, Roth contributions are nondeductible. But the earnings build up tax-free (SmartMoney, you wanted to know, 2000). Another great point about the Roth IRA is the fact that any withdrawals are free of federal income tax under certain circumstances. To be free from federal tax the Roth IRA must have been open at least five years and your age must be 59 1/2 or older. To be eligible for a Roth IRA you must have an adjusted gross income (AGI) between $95,000 and $110,000 for single filers and between $150,000 and $160,000 for joint filers. Also with the IRA you are not able to contribute more than $2,000 annually per person. With the Roth IRA there are no taxes due if funds are held in the account for at least five years and you are at least age 59 1/2. Original contributions can be withdrawn

There are some cases, however, where there are exceptions . Some exceptions may include leaving your employer at age fifty-five or older, purchase of a primary residence, to avoid foreclosure of or eviction from a primary residence, and medical expenses not covered by insurance (The basics of a 401(k) plan). If a person chooses to wait to begin taking money from their account, they must begin making required minimum distributions by the year after they turn seventy and one half. The notable exception is for those still working at this age (401 (k) - Wikipedia).

The purpose of my paper is to show how the Scotch-Irish culture came to be in the United States. There were several things that led the Scotch-Irish to make the perilous journey across the Atlantic Ocean to America including famine and high rents. It is estimated that 40-55,000 Scotch Irish arrived in America from 1763 to 1775. (Everyculture) The Scotch-Irish is one of the strongest cultures in the United States and their influence has been generous.

After the first world war the leaders of europe came together to discuss the boundaries of europe. British rule decided to separate ireland into two sides. North Ireland was created when the british government of Ireland Act in 1920 divided Ireland into two areas; the Irish Free State and the Northern Ireland Roman Catholics, who made up around one-third of the population of Northern Ireland, were largely opposed to the separation. The British took over , but only after many revolts and riots against them from the people of ireland. In 1969 the IRA (Irish Republican Army) was formed. They were a Catholic Irish nationalist group that used guerrilla tactics like bombings and assassinations to oppose British rule and oppression in Ireland. Their main goal was to fight the british that took over their home. The IRA would Fight using guerilla and terrorist tactics including bombings, assassinations, kidnappings, punishment beatings, extortion, smuggling, and robberies. But over time the IRA became more of a dangerous militia then patriots defending their home.

Unlike presidents, state governors tend to fade in the memories of citizens. Overtime, despite many accomplishments and two terms, John Ireland has joined the long-lost list of forgotten governors. The mention of his name fails to incite anything but blank expressions from Texas citizens. In light of his influence on one of Texas ' most famed buildings, it might seem as though his name might ring a couple of bells, but no such luck. Clearly, John Ireland has been forgotten for too long. What did this man do for Texas and why should he be remembered? Time to find out.

The legislative history of ERISA can in some ways be traced back to the Revenue Acts of 1921 and 1926, which set tax rules regarding the deductibility of pension contributions and the growth of pension fund's portfolios and thus encouraged pension planning while also establishing some degree of regulation by the IRS (USDOL, 2012). The Revenue Act of 1942 increased regulation and placed stricter requirements on pension plans in order for them to receive these tax benefits, and the Welfare and Pension Plans Disclosure Act of 1959, amended in 1962 brought pensions under he purview of the

This started the idea of having ownership over a private account that was personally controlled. Account holders were directly receiving the money they invested in Social Security, and have the option to spend the money as they see fit.

The first retirement plan created in the United States, is one that the majority of us are familiar, the Social Security Act, signed under law in 1935. Up until 1939, Social Security only paid retirement benefits to primary workers, which for the most part were men. Age 65 was chosen as the retirement age because individuals who survived past childhood were likely to live past 65. However, not everyone benefited from such assistance, even after age 65—agricultural and domestic workers were excluded from coverage (DeWitt, 2010). The excluded group consisted of roughly half of workers contributing to the economy, which the majority were African Americans. According to Larry DeWitt, a public historian from the Social Security Administration, exclusion of such groups was due to tax-collection procedures and not due to racial bias. Although it may seem as though Social Security was meant to be the only form of retirement plan for qualified retirees, it was not. During such time, many individuals strongly depended on their savings as well as on their family.

The Salvation Army's history began in 1865 in London, England where it was founded by a minister named William Booth (Drucker, 1989). Today the Salvation Army can be found all over the world. It has provided disaster relief, spiritual support to those who ask, and also financial support for people needing the rent bank, the food bank and hydro. The Salvation Army generates its funds through donations and through their Salvation Army Thrift stores that they operate by selling used items. The money they raise is primarily used to fund their programs and services, like their summer camp and their Christmas basket program and their relief fund which helps cover the costs when a disaster strikes. The food bank is one of many additions to the Salvation

Roth IRA contributions are based on several factors (i.e. annual income and your tax filing status).

A benefit of using a Roth IRA is that after-tax dollars are used for contributions. This saves the income from being taxed. Using a Roth IRA would be beneficial if individuals have funds that exceed the pre-tax traditional IRA contribution limit. Individual Retirement accounts can conveniently be used by grandparents that are turning 59 ½ within five years and do not need the funds for their own retirement. Some advantages include:

Traditional IRAs also called Regular IRAs are a special tax-deferred retirement savings account. Traditional IRAs have strict eligibility requirements based on income, filing status, and availability of other retirement plans (mandated by the Internal Revenue Service). Traditional IRAs allow investors to put post-tax money or money that has yet to be taxed, into their IRA to be invested in assets of their choice. The disadvantage is the amount of money or the size of an IRA account may mislead people into believing their wealth is larger than it actually is because the tax has not been taken out. The traditional IRA money that is placed into the account though is

When it comes to income limit, there is no income restriction for contributing to Traditional IRA. Any individual with earned income can contribute to Traditional IRA as long as he/she has taxable compensation and is currently younger than 70½ years old. On the other hand, Roth IRA has strict income requirements. If the filer or the filer’s spouse have taxable compensation and his/her modified adjusted gross income is below certain amounts, he/she is eligible to contribute to Roth IRA at any age. While the tax deductibility for Traditional IRA depends on

One of the very first topics that I will elaborate on is the economic aspects of my later life. As of November 13, 2016, I have had an account opened for my retirement fund. Its pertinent that I, personally have this account. I have this account to be my cushion to “fall back on” if any of my other plans for aging do not fall through. “Currently, the full benefit age is 66 years and 2 months for people born in 1955, and it will gradually rise to 67 for those born in 1960 or later.” (National Academy of Social Insurance, 2017)