An IRA remains one of the most effective ways to save for retirement. Every year counts, the earlier you start making your contributions the better.
In both traditional and Roth IRAs the investments in your IRA grow tax-deferred, meaning you owe nothing on the gains so long as the money remains in the IRA.
IRAs allow individuals to contribute up to $5,500 per year; that’s on top of what you can invest annually in your 401(k) or other employer-sponsored retirement plans.
An IRA is a tax-advantaged investment vehicle that is designed to help you save towards retirement. There are two main types of IRAs: The traditional IRA and the Roth IRA. The primary difference between the two relates to the tax breaks these accounts offer.
A traditional IRA is a tax-deferred retirement savings account. You pay taxes on your money only when you make withdrawals in retirement. Deferring taxes means all of your dividends, interest payments and capital gains can compound each year without being hindered by taxes.
A Roth IRA is a retirement savings account that allows your money to grow tax-free. You fund a Roth with after-tax dollars, meaning you've already paid taxes on the money you put into it. In return for no up-front tax break, your money grows and grows tax free, and when you withdraw at retirement, you pay no taxes.
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