The traditional individual retirement account (IRA) allows you to contribute up to a stated maximum dollar amount of your income for a specified tax year. There are two types of IRA’s, the traditional IRA and the Roth IRA. The difference between them is that gains on a traditional IRA are tax-deferred until withdrawn allowing a specified contribution limit to be tax deductible; on the Roth IRA accumulated gains are tax-free if the requirements are met but the contributions to a Roth IRA are not tax deductible. Reliable Insurance Solutions can discuss which program will best benefit your situation.
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