There are several types of IRAs including the traditional IRA (the deductible IRA and deductible spousal IRA), the nondeductible IRA, and the Roth IRA. An IRA can be set up with an insurance company, bank, or investment company.
All earnings on traditional IRAs are tax-deferred, meaning taxes on earnings are not paid until you withdraw your money. You must begin making withdrawals from your IRA by age 72.
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