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A Roth IRA lets you grow your retirement savings and enjoy tax-free retirement withdrawals**. Unlike a traditional IRA, contributions made to a Roth IRA cannot be deducted for tax purposes. However, growth achieved through investment returns is free from income tax1.
If the idea of not being able to use your money until 59 1/2 is holding you back from opening a Roth IRA, you might be surprised to learn that a Roth IRA is more accessible than you realize. You can withdraw your initial contribution to a Roth IRA, but leave all the earnings alone to continue to grow, with no early withdrawal penalty tax or income tax due.
**Penalty may be imposed for early withdrawal.
1 Please check with your tax advisor for the benefits of an IRA in your specific situation.
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