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Comment on Just getting into a little bit of Troubles

An individual retirement account (IRA) is a tax-advantaged personal savings plan designed to help individuals save money for retirement. These accounts offer tax benefits, such as tax-deferred growth or tax-free withdrawals, depending on the type of IRA chosen. Unlike employer-sponsored 401(k)s, individuals typically open and manage IRAs on their own at a financial institution like a bank or brokerage. Anyone with earned income can open an IRA, even if they already have a workplace retirement plan.

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brap@lemmy.world ⁨10⁩ ⁨hours⁩ ago
Ahh, thank you for taking the time to explain.

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SpiceDealer@lemmy.dbzer0.com ⁨4⁩ ⁨hours⁩ ago

…depending on the type of IRA chosen.

Are there two options, by any chance? Provisional? Official?

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- expatriado@lemmy.world ⁨3⁩ ⁨hours⁩ ago
  pre-tax “traditional” and post-tax “Roth”, named after a politician that pushed retirement tax laws 30-40 years ago
  
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  - W98BSoD@lemmy.dbzer0.com ⁨3⁩ ⁨hours⁩ ago
    And, depending on where you plan to retire (amongst other factors), influences which you choose to contribute to.
    
    Remember kids, index funds in your IRA/401k are your friend. Stay away from mutual funds.
    
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