Traditional IRA Accounts
This account allows you to defer taxes on your earnings. Also, contributions may be tax-deductible for the tax year in which they are made. The IRA deposit limits have increased to $7,500.00 per year for individuals/year and an extra $1,100 per year for individuals 50 years old and over. Contribution amounts can vary depending on your income level.
Roth IRA Accounts
This account features tax-free withdrawals after reaching age 59 1/2 and maintaining your ROTH for 5 years. When you take a distribution at that time, you pay no taxes on any of the earnings that your money has accumulated.
Contributions to a Roth IRA are not tax-deductible.
Contact your tax advisor to find out how an IRA could help you meet your financial goals.
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