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Old 12-03-2005, 06:01 PM
TheMetetron TheMetetron is offline
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Join Date: Oct 2004
Posts: 92
Default Re: Why would I want to open an IRA?

The only thing I am "sort-of" able to get is that instead of paying taxes on the interest each year, all the interest goes back in and compounds, and you pay taxes on the total at the end.

I guess this let's you compound faster, but I'm not sure how much of an incentive that actually turns out to be since I can't touch the money until I'm 60 and I have to pay 10% if I decide I want to use it for something else.

I'm thinking saving to buy a house is the smarter move for now.
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