ilmscore | Tax Benefits of Tax-Deferred Accounts (401k, IRA) Predictions
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Tax Benefits of Tax-Deferred Accounts (401k, IRA)

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Traditional 401(k)s and IRAs offer tax-deferred growth, meaning contributions reduce current taxable income, and taxes are paid upon withdrawal in retirement. Roth 401(k)s and IRAs involve paying taxes on contributions upfront, but allow for tax-free growth and withdrawals in retirement.
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