IRA Basics: Traditional & Roth

Discover the benefits of Individual Retirement Accounts (IRAs) for your retirement savings. Unlike workplace 401(k)s, IRAs arent job-dependent, making them ideal for self-employed individuals. You can also use them to supplement your 401(k) savings. Explore traditional and Roth IRAs, each with unique tax advantages. Traditional IRAs offer tax-deferred growth, while Roth IRAs provide tax-free withdrawals in retirement. Eligibility requires earned income, with income limits for Roth IRAs. The IRS sets annual contribution limits, with additional catch-up contributions for those aged 50 and older. Maximize your retirement savings with these tax-advantaged accounts.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.