Individual Retirement Accounts

Overview

Individual retirement accounts were first created in 1974 with the passage of ERISA, the Employee Retirement Income Security Act. They were conceived as a way to enable individual working men and women who were not covered by a qualified employer pension plan to establish a tax-advantaged personal retirement savings arrangement. 

The purpose of this course is to provide a thorough orientation to IRAs and their many forms and applications. It will focus on traditional IRAs, Roth IRAs, simplified employee pensions, and SIMPLE IRAs. The course examines eligibility requirements, funding options and requirements, and contribution limits for each, as well as withdrawal and distribution rules. The course also looks at the Coverdell Education Accounts, which operate somewhat similarly to IRAs for the tax-advantaged funding of education costs.

Learning Objectives

Upon conclusion of this course, students will be able to:

  • describe the different forms of IRAs
  • explain how traditional IRAs and Roth IRAs can be used to help individuals fund their future retirement needs
  • recite the basics of SEPs and SIMPLE IRAs
  • outline for clients the IRA, SEP, and SIMPLE IRA contribution requirements and funding options
  • describe the elements of Coverdell education savings accounts and how these plans can be used for funding educational expenses

Designed For

Licensed life and health insurance producers; financial planners and advisors
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