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What is an IRA?
We know financial products can be confusing. Let us break it down for you.
Think of an IRA like a box you can use to save for retirement. Investments like annuities, mutual funds, bonds and stocks are what you collect in your box over the years.
1Step One First you can pick the type of IRA you want to use as your box — Roth or Traditional.
2Step Two Choose investments to put in your IRA. You can always change the investments in your box.
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3Step Three Decide how much money you want to put in your box for now. You can contribute up to $5,500 into your IRA and $6,500 if you’re over 50 (for tax year 2016). Roth IRA contributions may be limited by your income.