An IRA, also known as an Individual Retirement Account, is a savings vehicle that provides tax breaks for those who wish to save for retirement. This type of account can offer tax-free savings or tax-deferred.

There are a number of different vehicles that fit this classification. A traditional IRA allows up to $4,000 a year in contributions. The amount allowed increases after the age of 50. Money placed in this type of account cannot be withdrawn until a set retirement age. Early withdrawals are subject to penalties.

Call our office today for more information on the variious types of IRA accounts. Our friendly staff will be glad to assist you.

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