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Individual Retirement Account (IRA) |
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Individual Retirement Account (IRA)
A retirement account to which you can contribute up to $4,000 (or 100% of your compensation, whichever is less) annually. IRAs allow your money to grow tax deferred and, depending on your personal circumstances, contributions may be tax deductible and withdrawals prior to age 59 1/2 may be assessed a 10% IRS penalty. Withdrawals from IRAs are taxed at then-current rates.
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