What You Need to Know About Making Contributions to an IRA

by Clark M. Blackman

Individual retirement accounts provide tax-advantaged opportunities to set aside money each year for your retirement. Understanding the basics of where each type of IRA applies and the rules relating to them is imperative to effectively using these “tools”—particularly given the changes in the rules that have occurred in recent years.

You generally have three types of individual retirement accounts (IRAs) from which to choose:

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  • Traditional deductible IRAs,
  • Traditional non-deductible IRAs, and
  • Roth IRAs.
Each type of IRA has unique rules pertaining to account contributions and distributions. You need to understand these rules in order to determine which IRA, if any, is the best retirement vehicle for you.

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