An IRA stands for individual retirement account. This account lets you save money for retirement in a tax-advantaged way.
An IRA individual retirement account is set up at a financial institution and lets an individual save for their retirement on a tax-deferred basis or with tax-free growth.
There are three types of IRA accounts:
The tax benefits from a Traditional and a Roth IRA individual retirement account give your savings the opportunity to grow or blend much quicker than they would in a taxable account.
It’s been estimated that you’ll need 85% of your pre-retirement income during retirement. And while employer-sponsored plans like a 401(k) can help, they might not accrue the amount of savings you’ll need. The good thing is that you can put money into both a 401(k) and an IRA individual retirement account.
An IRA can assist you with:
To get the most out of your savings, you should put the maximum amount allowed into your IRA each year. It’s also wise to keep up with your investments and change things as needed once you get closer to retirement and your life goals switch focus.
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