American Heritage® Dictionary of the English Language, Fourth Edition
- n. A modified individual retirement account in which a person can set aside after-tax income up to a specified amount each year. Earnings on the account are tax-free, and tax-free withdrawals may be made after age 59 1/2 .
- After William V. Roth Jr., who pushed for legislation that would allow for such IRAs; and IRA, initialism of individual retirement account. (Wiktionary)
- After William Victor Roth, Jr. (1921-2003), U.S. congressman. (American Heritage® Dictionary of the English Language, Fourth Edition)
“And while Mr. Kennedy calls the couple's contributions to the 529 college savings plan "another sign of financial literacy," he says if they need to choose between allocating their savings for retirement or for college, they should each make the maximum $5,000 annual contribution to a Roth IRA before putting fresh money into the 529 plan.”
“Past Columns Juggling Several Retirement Plans; Getting Married; Thinking About Kids Enough for Fun and More; A Son's Special Needs; Education is a Priority Saving to Stay at Home; A 12-Year College Plan; Trying to Live Frugally He's Young -- And a Saver; A Retirement Well Planned; Flexible Lives, Flexible Rules Mr. Magarik, who lives in Washington, D.C., maxes out his annual contributions to a Roth IRA and holds some individual stocks.”
“Mr. Ludwick likes that Mr. Magarik has chosen a Roth IRA over a traditional one because he could, if absolutely necessary, withdraw an amount equal to his contribution without seeing any penalties.”
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