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retirement

IRA

Individual Retirement Account - A tax-advantaged account for retirement savings.

In Detail

IRAs come in two main types: Traditional (tax-deductible contributions, taxed withdrawals) and Roth (after-tax contributions, tax-free withdrawals). The 2024 contribution limit is $7,000, with $8,000 for those 50+.

Related Terms

401(k)

An employer-sponsored retirement savings plan with tax advantages.

Roth IRA

A retirement account funded with after-tax dollars, allowing tax-free growth and withdrawals.