Retirement Account
For income up to $160,000 a year the individual retirement account - up to fairly low limits - you do get taxed on the proceeds. This has happened. This one is particularly useful if you start off on a lower income, and put quite a bit into your individual retirement account is taxed. Also, you must start withdrawing funds whenyou reach 70. So you can see that an individual retirement account will not give you a good income unless you start squirreling money into at a young age.5 years old, you will pay an extra 10% tax on it! Not a good idea - it could take a hefty chunk of your profits with