What Is A Traditional Ira And How Can It Help You Save On Taxes?
Appreciation Rates of Retirement Savings Strategies Info Carnivore from infocarnivore.com If you're looking for a way to save for your retirement and possibly reduce your tax burden in the process, then a traditional IRA may be the right choice for you. A traditional IRA is a retirement savings account that allows you to make pre-tax contributions up to a certain limit every year. These contributions are then invested in a variety of investments, such as stocks, bonds, mutual funds, and more. The money in the account grows tax-deferred, meaning that you don't have to pay taxes until you withdraw the money at retirement age. The main advantage of a traditional IRA is that you get an immediate tax deduction for the contributions you make. This means that your taxable income is reduced in the current year, so you pay less in taxes. Another advantage is that the money in the account grows tax-deferred, so you don't have to pay taxes on the gains until you withdraw them at r...