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debby2259
New Member

Is a savings account considered a retirement account?

When answering questions about the 1099-R I was wondering if a savings account is considered a retirement account?

1 Reply
MichaelDC
New Member

Is a savings account considered a retirement account?

Probably not. It's hard to tell what your question is without knowing more about your situtation. If your savings account is merely savings you put aside for retirement, it's NOT considered a retirement account.

However, a retirement account, such as an IRA, can hold just almost every kind of investment vehicle including stocks, bonds, money market and savings accounts. You would probably realize if this was your situation.

If you have additional questions or details regarding this, please feel free to post in the comments for further clarification.


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