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The good news is, several of the account types are accessible to almost anyone with money to save.
Brokerage accounts give you the benefits of earning interest faster than you would in a savings account.
So, be sure to do your research before committing to one.
Roth IRAs
Roth IRAs are tax-advantaged accounts you most likely only hear about in relationship to retirement.
The returns are typically higher than what you’re free to get in even a high-yield savings account.
The only exception to the taxation rule is if you make distributions from this account into adesignated Roth IRA.
In 2024, it’s possible for you to defer up to $23,000 of your contributions from taxes.
If youre 50 and older, you’re able to make an additional catch-up contribution of $7,500.
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