Which IRA provides the most benefit for someone who is self-employed?... ( read more )
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As a self-employed individual, it’s important to plan for your retirement. One way to do this is by opening an Individual retirement account (IRA). But with three different types of IRAs to choose from – Roth, Traditional, and SEP – it can be overwhelming to decide which one is the best fit for your financial goals. Here’s a breakdown of each type of IRA and the benefits they offer: 1. Roth IRA A Roth IRA is an investment account where you contribute after-tax dollars. Unlike a Traditional IRA or a SEP-IRA, you won’t get a tax break for contributing to a Roth IRA, but your money will grow tax-free. This means that when you withdraw your money during retirement, you won’t owe taxes on the earnings. Roth IRA contributio
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