Pre-tax Ira Investment

A pre-tax IRA investment is a means of investing in a retirement account called an IRA with funds that have yet to be taxed by the IRS as income. These are funds that have not been taxed at the time of payroll, for example. The funds are added to the IRA account pre tax. They then accumulate in value through the benefit of compound interest. Over time, the retirement account's value increases, though there are no taxes paid on the funds within the account until the time when the funds are withdrawn. At that time, the tax bracket of the individual is used to determine how much of a withdrawal is taken.

Fast Facts

    • Households who have children and who are self employed as the main source of income are less likely to have saved money for retirement.
    • Those with children and who are self-employed are less likely to have enough saved for retirement at retirement age.

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