Traditional IRA Profile
1· Tax deductible contributions (depending on income level - See IRS Publication 590 for more information)
2. 2011 contribution limit is $5,000 for individuals under age 50 and $6,000 for those 50 years old or older as of the end of the year (December 31st).
3· Withdraws can begin at age 59 1/2 and are mandatory at 70 1/2.
4· Taxes are paid on the earnings and the contributions you made to the IRA when withdrawn from the IRA
A person well aware of my reservations about rising college costs and my skepticism over Georgia Southern’s pending move to college football’s top level approached me over the weekend with this question.
Those financial gurus who delight in reading SEC filings the way the rest of us enjoy Clive Cussler have been telling us for several quarters now how our nation’s biggest companies are stockpiling cash.