Company Name: Euro Pacific Precious Metals, LLC (Replaced by SchiffGold, Oct 2014)
Website: Now called SchiffGold: http://schiffgold.com
Founded: New company SchiffGold in operation as of Oct 2014
Owners: Peter Schiff – Chairman (Mr. Schiff is also the founder and CEO of Euro Pacific Capital, Inc. )
Location: New York, NY 10016
Business Consumer Alliance: Not Rated. Click Here to Visit the BCA Site.
Trustlink: Not Rated. Click Here to Read the Trustlink Report.
Yelp: No Report. Visit the Yelp Site Here.
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Euro Pacific – Peter Schiff video
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What is An IRA
What is an IRA? An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth on a tax-deferred basis. Most people mistakenly think an IRA itself is an investment, but really an IRA is just a investment vehicle that you use to hold your bonds, mutual funds, stocks and other assets.
There are different types of IRAs including Roth IRAs, Traditional IRAs, SIMPLE IRAs and SEP IRAs. Not everyone can take advantage of these accounts. That is because each IRA has eligibility criterion which is based on your employment status or your income. All IRAs have a cap on the amount you can contribute each year and a penalty if you decide to withdraw your money before your retirement age. Following the video below, the different types of IRAs are described.
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What Is An IRA
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Traditional IRAs
This is a tax deferred savings account. With this account, you will only pay taxes when you start making withdrawals in retirement. Deferring taxes is advantageous because it allows your IRA to grow faster than a taxable account. The IRA allows you to compound your capital gains, dividends and interest payments without being hindered by taxes. There are two types of traditional IRAs; deductible and non-deductible. You can use a deductible IRA to lower your tax returns. This is because the account allows you to deduct your contributions on your tax returns. This means you get a refund for the taxes you paid earlier in the year. A non-deductible IRA is funded with after tax dollars. A deductible IRA provides a better deal than the non-deductible one. However, for you to qualify for one, you need to satisfy several requirements that are based on your income, access to an employee-sponsored retirement plan and filing status among other criteria.
Roth IRAs
This is a retirement account that allows your money to grow tax-free. This IRA is funded with after-tax dollars. This means the money you put in this account is already taxed. In return, your money will grow tax-free and when you start withdrawing at retirement, you will pay no taxes.
SEP IRAs
This is an IRA for small business owners and self-employed individuals. You can open a SEP IRA if you have a business with one or more employees. This account is also suitable for people who earn freelance income. The contributions go into the IRA held in an employee’s name. The employer is the one who contributes the money because employees are not allowed to do so. The money is not taxable until withdrawal.
SIMPLE IRAs
A Savings Incentives Match Plan for Employees (SIMPLE) IRA is retirement account for self-employed individuals and small businesses. Just like in a traditional IRA, the contributions by employees to this IRA are non-taxable until withdrawal. Unlike SEP IRAs where employees cannot contribute to the IRA, SIMPLE IRAs allow individuals to make contributions. The employer is required to contribute on the employees behalf regardless of whether the employee contributes to the account or not. The employer’s contribution can either be a flat 2% of the employees pay or a dollar-for-dollar match up to 3% of the salary. It is cheaper to set-up a SIMPLE IRA plan than SEP IRA. This account also has higher contribution limits that most other traditional IRAs.
Why is an IRA a good deal?
Many experts argue that you may need up to 85% of your pre-retirement income in retirement. This means that if you fail to save a portion of what you are earning today, you may have a very rough going when you retire. Most employees have an employer savings plan that can help them when they retire. However, these plans might not be enough to accumulate the savings that you need in your retirement. An IRA allows you to supplement your current employer-sponsored savings plan.
Money in an IRA account grows free from taxes. The income you earn from interest, capital gains and dividends can compound each year without taxes taking away some of the money. You can also escape taxes on the money you withdraw in retirement or the money you put into the plan initially depending on the type of IRA you choose. You should try to contribute the maximum amount to your IRA each year to reap the full benefits of these savings.
Many people are setting-up a self directed IRA to physically hold gold or silver. An IRA rollover that transfers funds from an existing 401k plan or another IRA is often done to fund the new self-directed IRA. To see how to set-up an IRA to own and hold physical gold or silver get the investment guide.
