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= Regular IRA
= Roth IRA
= SIMPLE IRA
= SEP IRA
Regular IRA
- Contributions are tax deductible for qualifying individuals
- Principal and earnings taxed when withdrawn at retirement
- Taxed at income tax rates in effect at distribution
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Roth IRA
- Contributions are NOT tax deductible at contribution time
- Principal and earnings are not taxed when withdrawn at retirement
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SIMPLE IRA (Savings Incentive
Match PLan for Employees)
- Contributions and earnings are taxed when withdrawn at retirement
- Employers can match the employee contribution up to 3%
- Taxed and treated the same as Regular IRA
- The employee decides where the SIMPLE IRA funds are invested
- WE OFFER A SAVINGS ACCOUNT FOR SIMPLE IRA CUSTOMERS
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SEP IRA
- Contributions are made by the employer (sole proprietor or small
business)
- Up to 15% of each employee's total compensation
- Principal and interest taxed when withdrawn at retirement
- The effective maximum % can be less than 15% due to self employment
tax
- Consult your accountant before making a contribution
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