Truth 39Individual retirement accounts

Individual retirement accounts were created in 1974 as a way to help individuals without workplace pensions save for retirement. The basic format of the original, traditional IRA has remained the same. You contribute a certain amount each year, and your account grows tax-deferred until you take out the money upon retirement.

But over the years, as workplaces and employee needs changed, so have IRAs. New versions have appeared, and extra contributions options have been added. Which IRA works best for you will depend upon your personal financial and tax situation, so look carefully at all your options.

Traditional IRA—Traditional IRAs are the granddaddy of personal retirement plans. They were created ...

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