Individual Retirement Account (IRA)

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Individual Retirement Account (IRAs) are accounts that you own and fund through your own contributions. Two common types of IRAs are:

  • Traditional IRAs – Contributions are made with pre-tax dollars, and earnings are tax-deferred. This means that you don’t owe taxes until the funds are withdrawn, usually at retirement.
  • Roth IRAs – Contributions are made with after-tax dollars, so you don’t pay taxes on the money as it accumulates.