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What Is IRA?

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What Is IRA?

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  1. What Is IRA? Individual Retirement Account An Individual Retirement Account is an account that helps people to save/invest for retirement. They include Traditional and Roth IRAs, each of which have unique taxation, withdrawal and eligibility rules. 01 TAX IRA accounts are tax-advantaged. 02 There are regulations on withdrawing from and contributing to the accounts. 03 Investments in IRAs comprise of stocks, bonds and a variety of financial products. 04 Deductions from an IRA account depend on one’s status in a household (Single or head of the household) and whether one is married and filing jointly or individually. 05 Contributions towards Roth IRAs are made using dollars left after tax deductions. 06 Contributions towards IRAs can be made at any age provided one has eligible earned income. 07 These investments are self-directed i.e. an individual makes all the investment choices. www.gctfcu.net Greater Central Texas Federal Credit Union 3305 E. Elms Rd., Killeen, TX  76542 Phone: (254) 690 - 2274 Image Source: Designed by Freepik

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