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IRAs

 

An individual retirement account (IRA) is a personal savings plan that offers specific tax incentives to encourage you to save for retirement.


What is an individual retirement account (IRA)?

An individual retirement account (IRA) is a personal savings plan that offers specific tax incentives to encourage you to save for retirement. Currently, there are two types of retirement IRAs. Traditional IRAs allow for tax-deductible contributions under certain conditions. Roth IRAs (created by the Taxpayer Relief Act of 1997) are funded with after-tax dollars, but may allow for tax-free withdrawals under certain conditions.
 
It is important to realize that an IRA is not itself an investment, but a tax-advantaged vehicle in which you can hold some of your investments. You need to decide how to invest your IRA dollars based on your own tolerance for risk and investment philosophy. How fast your IRA dollars may grow is largely a function of the investments that you choose.
 

To learn more about different types of IRAs click here.

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