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“Should you put money away that you can’t access until you’re 59½? The answer, most emphatically, is yes! The younger you are when you start saving, the less you’ll have to save and the more you could have when you retire.”

- Lorayne Fiorillo, author of
Financial Fitness in 45 Days

An IRA could be viewed as a wealthy relative whose money you’ll inherit sometime in the future. Not exactly a bad way to think of it, as long as you realize that you must also contribute to the kitty, and that your relative isn’t going to die until you’re retired.

In more realistic terms, an individual retirement account (IRA) is a tax-advantaged way to accumulate retirement income over the long-term. There are several kinds to choose from:

Traditional IRA
Your money will grow tax deferred, and you may be eligible to deduct your annual contribution from your tax return.

Roth IRA
Contributions are not tax deductible under any circumstances, but withdrawals made for qualified reasons avoid taxes altogether.

Ideal for small business owners or the self-employed, this IRA allows both employer and employee contributions.

Also ideal for small business owners or the self-employed, this IRA does not allow employee contributions, but employer contributions have much higher limits.

 Traditional IRA

 Roth IRA








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