IRAs are designed to boost tax advantages and retirement income by offering tax-free growth and higher interest rates compared to taxed returns.
Individual Retirement Accounts (IRAs) are primarily intended to enhance a person's tax advantage and retirement income. IRAs allow savings to grow tax-free, resulting in higher interest rates compared to taxed returns, thus stimulating saving for retirement. Contributions to IRAs are tax-deductible, and taxes are paid only upon withdrawal, encouraging long-term saving.
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