AN INSIGHT INTO THE INDIVIDUAL RETIREMENT ACCOUNTS IN THE US

What is the meaning of an Individual Retirement Account (IRA)? The IRA, short for ‘individual retirement account,’ is a tax-advantaged investing tool that individuals use to reserve retirement savings funds. There are different types of IRAs. Traditional IRAs Roth IRAs SEP IRAs SIMPLE IRAs Individual taxpayers can establish either Roth or traditional IRAs, while self-employed individuals and small-business owners set up SIMPLE and SEP IRAs. An IRA must be opened only with an institution that has received Internal Revenue Service (IRS) approval to offer these accounts. The options include brokerage…

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