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Benefits of Using an IRA

Starting to plan for retirement? One of the best ways to save for retirement is with an IRA.

Experts Speak

Financial experts chimed in to share why they would choose an IRA for their retirement savings.

Benefits of Using an IRA

IRAs Are A Great Savings Vehicle

IRAs are a great retirement savings vehicle for many. In addition to providing virtually unlimited investment flexibility with an IRA account, your dollars in an IRA grow tax-deferred.

Roth IRAs also improve on regular IRAs, in addition to tax-deferred growth (like a traditional IRA). You can withdraw money from a Roth IRA completely tax-free.

Roth IRAs

Unlike other retirement accounts, IRAs can be created easily online with any brokerage company. IRAs can give investors to pick their investments without the regulation of having to only select certain portfolios.

IRAs Are Easy

Best Practices

First, be sure to get familiar with income brackets, how they affect your eligibility for IRAs, and how the option of a workplace retirement plan can affect your ability to take advantage of an IRA.

Early Withdrawal

It’s important to note that IRA do have penalties for early withdrawal. In both Traditional IRAs and Roth IRAs, you may incur a 10% penalty if you withdraw the funds before age 59 1/2 (with some exceptions).

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