Question

Choose all that apply. Select all of the advantages of a retirement account. tax free until you withdraw money when you retire highest interest rates deposits may be matched by the company you work for money is taken out of your paycheck before you pay taxes on it high penalties for making withdrawals

Answer 1

answer:

- tax free until you withdraw money when you retire

- deposits may be matched by the company for which you work

Answer 2

The advantages of a retirement account are tax-free until you withdraw money and It generates profits on top of profits, producing a compounding effect not possible in a typical savings account.

What are the Disadvantages of the Retirement account?

The Following are the disadvantages of the Retirement account:

• a challenge in predicting future needs. Unfortunately, the retirement policy payment does not cover all of the costs associated with living after retirement; this issue is rather inevitable.

• Only a small deduction is permitted.

• Annuity taxation

• High returns at high risk.

Thus, Your ability to save money for retirement tax-advantageously is enabled by an individual retirement account (IRA). An individual can save money for retirement using an IRA, an account set up with a financial institution, which grows tax-free or does so while deferring taxes.

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