A Penny Saved

Motley fool has an excellent post on the reasons that you should have an IRA.

What’s the No. 1 goal for investors? Retirement, according to most polls. Yet not every investor has an individual retirement arrangement (or account, depending on whom you ask) — better known as an IRA.

This is a travesty — a retirement-killing mistake. Every working American should have an IRA. Here are five reasons why.

I’ve shortened the descriptions out, but here are the 5 reasons:

1. How else will you retire?

2. Lower taxes, lower taxes, and lower taxes.

3. If you don’t put money in an IRA, you’ll spend it.

4. You want more control over your investments.

5. Favorable treatment for parents, debtors, and mortals.

A pretty good list.  Especially once you go and read the descriptions.  Essentially, it breaks down to not counting on a pension or social security to fund your retirement and taking advantage of the benefits of an IRA to save yourself money and keep that money nestled away for retirement.  IRA’s are an excellent retirement mechanism.  If you have the money to max our your IRA, you really should discuss doing so with your financial planner.