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How do Individual Retirement
Account (IRAs) work?
A Bank IRA is a type of retirement account that may allow you to save for retirement with tax-deferred or tax-free growth. With a Bank IRA, you can choose to have your contributions deducted from your paycheck, which may help you save money on taxes. Additionally, your investments in a Bank IRA may grow tax-deferred until you withdraw them at retirement. This means that you may not pay taxes on the growth of your investment until you take the money out at retirement.
There are two types of Bank IRAs: traditional and Roth.
Traditional Bank IRAs may offer tax-deferred growth on your investments, but you may pay taxes on the withdrawals you make at retirement.
Roth Bank IRAs may offer tax-free growth on your investments.
If you have a Bank IRA, it's important to remember that you'll still be responsible for paying taxes on the withdrawals you make at retirement. However, the growth of your investment may be tax-free.
To ensure your taxes are filed correctly, we highly suggest you consult a tax professional for expert advice.