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This is a retirement account that comes with many benefits, and the contribution limit to these accounts is now $5,500 for those above 50 years old. The one thing you should be aware of before putting money into an IRA is the fact that there are two types of contributions you can make: traditional and Roth. The traditional IRA requires you to take deductions from your paycheck which will then be deposited into the account; conversely, the Roth IRA doesn't require any up-front deductions which means you'll owe nothing when it comes time to withdraw funds. The Roth IRA also accounts for your earnings to have grown tax-free, which means you will not be required to pay taxes on the withdrawals.

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