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Private Wealth Management: The Complete Reference for the Personal Financial Planner, Ninth Edition, 9th Edition by Jerry Rosenbloom, G. Victor Hallman

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15

Individual Retirement Accounts and Annuities (IRAs)

BASIC CONCEPTS

IRAs afford individuals an opportunity to set up their own tax-favored retirement plans, subject to certain conditions and limitations. An IRA can be an individual retirement account or individual retirement annuity. An individual retirement account can be set up under the terms of a written trust (in which case it may be called a “trusteed IRA”) or as a custodial account with a fiduciary institution that meets the requirements of the IRS. The bulk of IRAs are in custodial accounts. An individual retirement annuity is a flexible premium annuity contract and may be a fixed-dollar annuity or a variable annuity.

For IRAs generally, the interest of the IRA owner must be nonforfeitable. ...

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