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How to open an IRA
You can easily open and fund an IRA. Whether you prefer investing on your own or want personal investment guidance, we have options available to fit your needs. However you choose to invest – automated vs. self-directed, or by working with a financial professional – you’ll enjoy the benefits of opening an IRA, like tax-advantaged growth. That can mean more money saved for your future.
Roth vs. traditional IRAs
Roth IRAs provide tax-free growth. Your non-deductible IRA contribution grows tax-free and qualified withdrawals are not taxed. This strategy allows younger investors to potentially grow their investments over the long term. Traditional IRAs provide tax-deferred growth. Any income your IRA investments earn will not be taxed until you start taking distributions from the account. This is a popular strategy for those who expect to be in a lower tax bracket when they retire.
IRAs for the self-employed, and small business owners
If you’re self-employed or a small business owner, consider a simplified employee pension (SEP) IRA for yourself and any employees. A SEP IRA offers higher contribution limits than other retirement accounts. For the 2023 tax year, contributions can be up to 25% of compensation, with a $66,000 maximum.