individual retirement account (ira) tax shelters
Individual retirement account (IRA) tax shelters are savings accounts with special tax advantages that allow individuals to save and invest for their retirement. Contributions made to an IRA are often tax-deductible, which means they reduce the individual's taxable income for the year. Additionally, the investment earnings within an IRA are not subject to taxes until they are withdrawn during retirement. This allows individuals to grow their retirement savings more effectively by potentially reducing their tax liability both during their working years and in retirement.
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