What are the different types of IRAs?
An example of an AI chatbot conversation about different types of IRAs.
What are the different types of IRAs?
There are several types of IRAs, including Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. Would you like to know more about each type?
Yes, please explain the Traditional IRA.
A Traditional IRA allows you to make tax-deductible contributions, and you pay taxes on withdrawals during retirement. It's great for reducing your taxable income now.
What about the Roth IRA?
A Roth IRA is funded with after-tax dollars, meaning you pay taxes on contributions now, but withdrawals in retirement are tax-free. It's beneficial if you expect to be in a higher tax bracket later.
What are SEP and SIMPLE IRAs?
SEP IRAs are designed for self-employed individuals and small business owners, allowing higher contribution limits. SIMPLE IRAs are for small businesses and allow both employer and employee contributions.
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