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Retirement
Three things you didn’t know about retirement accounts.
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[QUOTE="symakhan, post: 287577, member: 91425"] 1. Contributions to retirement accounts are typically tax deductible: Depending on the type of retirement account you open, contributions may be tax deductible. This means that the amount you contribute is subtracted from your taxable income for the year, reducing your overall taxes owed. 2. Withdrawals from retirement accounts often incur penalties: If you withdraw money from your retirement accounts before reaching retirement age, you may incur a hefty penalty. Depending on the type of account, this could be 10 percent or more of the amount withdrawn! 3. Investment options within retirement accounts vary: Not all retirement accounts are created equal. Some allow for greater flexibility in terms of investments than others. [/QUOTE]
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Three things you didn’t know about retirement accounts.
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