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An individual retirement account (IRA) is a way to save money for retirement that provides tax advantages. There are many different types of IRAs and it is sometimes difficult to determine which type of account would work best for you and your individual circumstances. The benefits professionals at Savage & Associates can explain the benefits of the different types of IRA accounts and help you to determine which one is best for you. Traditional and Roth IRAs are set up by individuals who can contribute up to a set maximum dollar amount each year. Funds contributed to the traditional IRA may be tax deductible. However, funds removed from the IRA at a later date will be taxed as income.
SEP IRAs and simple IRAs are set up by companies for the benefit of their employees though the individual contributes funds to the account, usually through payroll deduction. Also referred to as individual retirement arrangements, IRAs can help to supplement your 401k retirement plan savings.
Call 419-475-8665 or fill out our on-line request form for more information or to schedule an exploratory appointment with our experienced professionals at Savage & Associates.
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