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An Individual Retirement Account or IRA is an account that provides tax benefits when used to save for retirement. Of course, these accounts do have restrictions, such as how much can be contributed in a calendar year, when distributions may be taken and when distributions are required.
The two most common types of IRAs are Traditional and Roth.
Traditional IRAs offer an up-front tax deduction. Taxes are paid when funds are distributed in retirement.
Roth IRAs are funded with after tax money, so funds may be used tax-free in retirement.
There’s a lot to consider when choosing an IRA. Our Specialists can help make doing that easier.
Call 203-783-5700 or stop by any office to discuss your retirement savings options.