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Individuals looking to lower taxable income now and expecting a lower tax bracket in retirement.
Not Ideal For
Those expecting to be in the same or a higher tax bracket, as withdrawals are taxed as ordinary income.
Funded By
Pre-tax dollars, reducing your taxable income.
Taxes
Withdrawals are taxed as ordinary income.
Contribution limits
No income limits for contributions. Deductibility depends on income and whether you have a workplace retirement plan.
Required Minimum Distributions (RMDs)
Required starting at age 73
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