IRA Plan

外汇网2021-06-19 13:53:52 35

A plan that inpiduals may establish to arrange and plan for retirement. Generally, an IRA plan allows you to save money and defer taxes until you retire. IRA plans have annual contribution limits that are established by the government and rise gradually with inflation; inpiduals age 50 and older can make slightly higher "catch-up" contributions.

Inpidual retirement account plans come in several forms: the traditional IRA and the Roth IRA for inpiduals, and the SEP IRA and the SIMPLE IRA for the self-employed (self-employed inpiduals may still use traditional or Roth IRAs). Each plan has different rules regarding taxation and withdrawals. The tax advantages of these types of accounts make them valuable as retirement savings tools.

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