Open an IRA Account in Maryland
Opening an Individual Retirement Account (IRA) account can help you start saving the money you need for the retirement lifestyle you want to have.
The three main types of IRA accounts include the following:
- Traditional IRA: The contributions you make to a traditional IRA are often tax deductible and tax deferred. You essentially don’t have to pay tax on the money until you start withdrawing it when you retire. By that time, you may be in a lower tax bracket, thus paying less to the IRS than you would have as an employer.
- Roth IRA: Contributions to a Roth IRA are made after you’ve already paid tax on the money. Therefore, you typically won’t owe any money on the funds you withdraw during retirement.
- Rollover IRA: If you had money in a retirement fund from a previous employer, you can “roll” that money into a Rollover IRA account.
Contact the Browning Reagle team to find out if a Maryland IRA account is the best option for you.
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