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An IRA or Individual Retirement Account is a retirement savings program allowing individuals to make tax deductible contributions, up to a specified annual limit.

A Coverdell ESA is an Educational Savings Account and has many of the same tax advantages of an IRA. Contributions made to this type of plan are made after tax and all earnings that you accumulate are tax deferred. These accounts have annual contribution limits. When you make withdrawals to pay for higher education, the withdrawals are tax free. Examples of educational expenses are private school or college tuition, books, fees, room, board, etc.

A Traditional IRA is tax deferred. You don’t pay taxes on the money you put into a Traditional IRA. Instead, you pay taxes on your withdrawals. If you’ll have less income after you retire, a Traditional IRA can save you money on your tax bill.

A Roth IRA is funded with post tax assets. You invest in a Roth IRA with your post tax salary. Then, you don’t have to pay taxes on the withdrawal. Roth IRAs make the most sense for people who expect to draw a significant post retirement income. If you expect to have a significant pension or plan to start a profitable small business when you retire, a Roth IRA might be best for you.


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