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IRA Plans
There are several types of IRAs (Individual Retirement Arrangement), including Roth IRA and Traditional IRAs. These funds are used to save for retirement.
- Roth IRA- contributions made to this type of arrangement are made after tax, and withdrawals are usually tax free. There are income limitations with this type of arrangement.
- Traditional IRA - contributions to this type of arrangement are tax-deductible, and withdrawals are taxed as income when pulled out of the account.