Chapter 7 When it is time to start saving for retirement, you will want to put the money into a special type of account that gives you tax advantages and retirement income in the future. There are many different types of tax-advantaged retirement accounts created by Congress and administered by the Treasury Department. | Part Two Building Blocks to Success Copyirght 2003 by The McGraw-Hill Companies Inc. Click Here for Terms of Use. This page intentionally left blank. I Chapter 7 Types of Retirement Accounts You can be young without money but you can t be old without it. Tennessee Williams hen it is time to start saving for retirement you will want to put the money into a special type of account that gives you tax advantages and retirement income in the future. There are many different types of tax-advantaged retirement accounts created by Congress and administered by the Treasury Department. All of these account options allow your money to grow without being taxed while it stays in the account. The tax treatments of the money going in and the money coming out differ among various types of accounts. This chapter provides a brief outline of the major types of retirement savings plans including similarities and differences among them. After reading this chapter you can get an idea of which accounts may be appropriate for your situation. Before making a final decision you will need to gather more information from your employer tax advisor and the Internal Revenue Service IRS to make sure that you know all the facts before you make a final Copyirght 2003 by The McGraw-Hill Companies Inc. Click Here for Terms of Use. .
