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 | Friday, October 31, 2014


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Retirement Accounts

Traditional IRA

  • Contributions up to $5000 may be tax deductible
  • Catch-up contribution of $1000 is optional if you are 50 years old or older
  • Your earnings are taxable at time of withdrawal
  • Interest rates dependent on Certificate of Deposit rates at time of purchase
  • Penalty for early withdrawal may apply

Roth IRA

  • Contribution (up to $5,000) is taxable in the year it is made, but earnings are tax-free after five years if federal guidelines are followed
  • Penalty for early withdrawal may apply

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