Business and Personal Finance Dictionary

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• TRADITIONAL IRA
  
  The original self-directed retirement plan, a traditional IRA allows you to contribute money annually based on how much you've earned (such as wages) or up to IRS-established limits, some of which are age-related. Contributions may be tax-deductible, partially deductible or non-deductible, depending on your income and whether you are covered by a retirement plan at work. Taxes are deferred on traditional IRA earnings, meaning you'll owe on the money when you take it out.
  
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