Individual Retirement Accounts: An Introduction

by Marylove Moy 2. June 2014

Individual Retirement Accounts

Do your eyes glaze over when you see the term IRA? Are you sick and tired of all those ads on tv talking about retirement? I hear ya! These days, retirement – and retirement planning – is the 800 pound gorilla in most people’s homes.

Well, have no fear...let’s take a look at what an IRA is and how they have evolved over time. Once we understand the history, we can move on to other related topics: investing, planning and other retirement ideas.

Basically, an IRA is an “individual retirement plan” provided by many banks and financial institutions that provides tax advantages for retirement savings. In essence, interest and/or earnings grow tax-deferred until the owner withdraws the funds.

The IRA account was introduced in 1974 in the Employee Retirement Income Security Act (ERISA). Taxpayers could contribute up to $1,500 AND deduct the contribution from taxes. If you fast forward to tax year 2013, the annual dollar amount has increased dramatically to $5,500 for those under age 50, and $6,500 for those over 50. Congress is increasingly worried that individuals will not have enough money to live on when they retire, hence the increases in allowable contributions.

I can feel your eyes drooping reading this article… Enough for today! We can move on to the importance of opening an IRA, types of IRAs and investment ideas another day!

Securities offered through LPL Financial, member FINRA/SIPC: www.finra.org; www.sipc.org. Insurance products offered through LPL Financial or its licensed affiliates. 1st Mariner bank is not a registered broker/dealer and is not affiliated with LPL Financial.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following state: (MD)

NOT FDIC Insured Not Bank Guaranteed May Lose Value
NOT a Bank Deposit    Not Insured by Any Federal Government Agenc
If you found this article useful, be sure to check out these related articles:

Traditional vs Roth IRAs: How to Choose

Money in Your 30s: Manage It, Don't Be Managed by It

Managing Your Money in Retirement

Infographic: How Much Money Do Americans Waste?

by Sara Seeger 22. May 2014

We've all heard that Americans are wasteful, that we should do a better job watching what we spend, separating our needs from our wants. Want to know how much money Americans actually waste? Take a look below at some of the top things Americans waste their money on, and what all that wasted money could buy us.

How much money do Americans waste? Infographic

If you found this infographic interesting, be sure to check out these related posts:

Daily Habits of Rich People

Infographic: Earth Day 2014

Infographic: The Cost of Love

Memorial Day Steals and Deals

by Stacy Tharp 21. May 2014

American Flags

This weekend while you are down the ocean, firing up the grill and enjoying your extra day off, try to remember exactly WHY you are celebrating this federal holiday. Memorial Day was created to remember those who died while serving our country. Memorial Day celebrations are often extended to our living veterans and those who are currently serving in the U.S. Military. Here are some 2014 Memorial Day deals – some apply specifically to veterans and current military personnel, and some are for all to enjoy.

Home Depot: On Memorial Day, all veterans are eligible for Home Depot's 10% military discount. (This discount also applies to veterans on July 4th and Veterans Day.)

Hooters: Hooters is offering 10 free wings with a drink purchase to all active duty military, veterans and their spouses on Memorial Day.

Lowes: Lowes honors all veterans on Memorial Day (as well as July 4th and Veterans Day) with a 10% discount.

King's Dominion: All active, inactive or retired United States Service men and women can enjoy free park admission on May 24 -26 (as well as July 4-5) with a valid military I.D.

Wendy's: On Monday, May 26 from 12 PM to 8 PM everybody gets a free waffle cone Frosty™ at participating locations.

Boston Market: In honor of National Military Appreciation Month, you can get 10% off your in-restaurant order when you show your military or veteran ID for the entire month of May. Additionally, Boston Market is offering a 50% discount on any family meal for everyone on Memorial Day.

General Motors: All active, reserve, retired and veteran military are eligible to receive the General Motors military discount on Chevrolet, Buick, GMC and Cadillac vehicles until June 30, 2014.

Baja Fresh: Receive 25% off your purchase with proof of Military ID the week of May 20th - May 26th.

Please contact the businesses for restrictions, requirements and more details.

If you found this article useful, be sure to check out these related articles:

Tricks to Throwing a Budget-Friendly Barbeque

Top 10 Free Things to Do in Baltimore This Summer

The Best Things to Buy in the Winter



© 2008- 1st Mariner Bank