All week we have been discussing retirement plans. On Tuesday we discussed SIMPLE Plans, Wednesday we discussed SEP IRAs, Thursday we moved on to Solo 401(k) Plans, yesterday we talked about Self-Directed IRA Plans, and today we are going to discuss Traditional and Roth IRAs. An IRA is an Individual Retirement Account, which acts like a savings account that can have tax advantages. These advantages can make it an ideal way to sock away a lot of cash for retirement. There are two different types of IRAs; Traditional IRAs and Roth IRAs. With a Traditional IRA, you can receive a tax deduction for contributing to the plan. The maximum that you can contribute to the plan depends on certain...
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