What Significance and Role Does IRA Have for Individuals and the Nation?
For Individuals:
Retirement Savings
IRA provides individuals with a convenient way to save funds for their future retirement life. Individuals can regularly deposit funds into their IRAs and withdraw funds from them upon retirement to meet their living needs.
Tax Benefits
IRA offers some tax benefits. For example, in a traditional IRA, investors can deduct the contributed funds from their pre-tax income, while in a Roth IRA, investors can enjoy tax-free growth of funds.
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