What are the benefits of an IRA?
An example of an AI chatbot conversation about the benefits of an IRA.
What are the benefits of an IRA?
An IRA, or Individual Retirement Account, offers tax advantages, helping you save for retirement effectively.
Can you explain the tax benefits?
Sure! Contributions to a traditional IRA may be tax-deductible, and the investment grows tax-deferred until withdrawal.
What about a Roth IRA?
A Roth IRA allows you to contribute after-tax income, and your withdrawals in retirement are tax-free.
Are there any penalties for early withdrawal?
Yes, withdrawing funds before age 59½ typically incurs a 10% penalty, along with income tax on the amount withdrawn.
How much can I contribute each year?
For 2023, the contribution limit is $6,500, or $7,500 if you're age 50 or older.
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