WHAT IS AN INDIVIDUAL RETIREMENT ACCOUNT (IRA)?
An individual retirement account (IRA) is a tax-advantaged investing tool that individuals use to earmark funds for retirement savings. There are several types of IRAs such as:
Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs
Depending on the individual's employment status, IRAs can be of various types and have different tax liabilities. If you withdraw money from an IRA before age 59½, you are usually subject to an early-withdrawal penalty of 10%. There are income limitations for contributing to Roth IRAs and deducting contributions to traditional IRAs. Rules regarding maximum contributions and income limits for IRAs change each year.
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