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An Individual Retirement Account (IRA) is a personal retirement savings account you open on your own (not through an employer). A traditional IRA lets you contribute pre-tax dollars if you meet certain conditions, growing tax-deferred until withdrawal. For 2024, you can contribute up to $7,000 ($8,000 if you're 50+). Whether your contributions are deductible depends on your income and whether you have a workplace retirement plan. Compare it to a Roth IRA to decide which is better for your situation.
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