4 Types of IRAs: Which Is Most Likely to Benefit You?
An individual retirement account (IRA) is a versatile personal savings plan designed to help Americans save for retirement, offering tax benefits along the way. If you've heard about IRAs but never explored their flexibility, now might be a good time to do so. Here, we will delve into four different types of IRAs, empowering you to determine which is most likely to benefit you.Traditional and Roth IRAs are two types of retirement plans that can be easily opened through a brokerage firm or other financial institution. As long as you or your spouse have earned income, you can contribute to a traditional IRA. For 2025, the annual contribution limit is $7,000 for individuals up to age 49. If you turn 50 or older during the year, your 2025 limit is boosted to $8,000.Continue reading
An individual retirement account (IRA) is a versatile personal savings plan designed to help Americans save for retirement, offering tax benefits along the way. If you've heard about IRAs but never explored their flexibility, now might be a good time to do so. Here, we will delve into four different types of IRAs, empowering you to determine which is most likely to benefit you.
Traditional and Roth IRAs are two types of retirement plans that can be easily opened through a brokerage firm or other financial institution.
As long as you or your spouse have earned income, you can contribute to a traditional IRA. For 2025, the annual contribution limit is $7,000 for individuals up to age 49. If you turn 50 or older during the year, your 2025 limit is boosted to $8,000.
