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Individual Retirement Account (IRAs)

An Individual Retirement Account (commonly known as an IRA) is a retirement account designed for individuals who do not have an employee-sponsored plan.

Is an IRA right for you? Here are the facts:

  • Unless it is a Roth, money stored in an IRA is tax-deferred, which means it does not have to be counted as income until it is withdrawn from the account. This can significantly increase the rate at which savings held in an IRA will grow.
  • A traditional IRA allows you to contribute up to $5,000 a year toward your retirement. And if you’re age 50 or older, your contribution limit jumps to $6,000 annually. Money can be withdrawn freely from an IRA after the account holder reaches the age of 59 ½ ; before then, a 10% IRS tax penalty may apply.
  • IRAs may be a good solution for people who do not receive retirement benefits through their employer, or for people who have recently retired or switched jobs.

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