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CD
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Traditional IRA
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Certificates of Deposit offer low-risk investment opportunities and higher interest rates by locking in your deposits for a specified period of time.
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This account is primarily used for retirement savings. Contributions are tax-deductble depending on your income, marital status, and whether you have a retirement plan at work. Taxes are deferred on the interest you earn and withdrawals are taxed as ordinary income.
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Roth IRA
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Coverdell Education Savings Account (ESA)
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Used for retirement savings, but also may be used for other reasons including a first home purchase. Contributions are not tax-deductible. Interest earned and withdrawals are income tax-free and IRS penalty-free when used for qualified reasons.
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Designed specifically as a savings plan for a child's elementary, secondary, or post-secondary education. Contributions are not tax-deductible. Interest earned and withdrawals are income tax-free and IRS penalty-free when used for qualified expenses.
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