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What is an IRA?
An Individual Retirement Arrangement, or IRA, is a type of retirement account that almost anyone can open. Unlike pensions and 401(k) plans, IRAs are not run by your employer. Just ask a bank, brokerage, or other financial institution for an application and make a contribution. Your IRA account will grow tax free until you withdraw the money -- generally after you retire. With a traditional IRA (as opposed to a Roth IRA), you may even be able to deduct your contribution from your taxable income this year. Return to Questions
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