IRAs How would they benefit me?

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IRAs, particularly Roth IRAs, are tax-sheltered retirement accounts that allow individuals to defer taxes on income generated within the account. Roth IRAs provide significant benefits, including tax-free withdrawals after age 59.5, for first-time home purchases, or in cases of death or disability, provided the account has been open for at least five years. Unlike traditional retirement accounts, contributions to a Roth IRA are not tax-deductible. Overall, IRAs can be advantageous for retirement planning compared to standard 401(k) plans. Understanding these benefits can help individuals make informed decisions about their retirement savings.
Dx
Does anyone have one? How would they benefit me?
 
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I believe there is quite a lot in ireland!
 
Originally posted by username
I believe there is quite a lot in ireland!
 
OK My knowledge of this is very basic, so maybe someone could fill in the blanks.

IRA's are tax-sheltered accounts-meaning they're deferred from being taxed on the icome generated from it.


The buzz word in finances is a ROTH IRA which offers you the most benefits of all the IRAs. This actually offers you the benefit of NOT being taxed at all for withdrawls, as long as you're at least age 59.5 or using it for a first time home purchase,used for death/disability, and it's been in existence for at least 5 years. The contributions however are not tax deductible.

Basically its a retirement account that offers those advantages over a standard 401K or other retirement account.

And that's about as much as I know
 

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