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Individual
Retirement Accounts
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| Definition:
A plan which allows an individual's
retirement savings to grow tax-deferred, providing tax savings
and a more comfortable retirement.
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| Features:
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Benefits:
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- Account may be opened and contributions
made for a particular tax year up until April 15 of the
following year
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- Flexibility, may vary amount
each year
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- Contributions may be tax
deductible
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- Savings instruments may be variable or fixed
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- May begin withdrawing at age 59 1/2
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Opening
Requirements:
- Minimum deposit: $50.00
for variable rate IRA
- Minimum deposit: $1,000.00 for a fixed rate
IRA
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