Individual retirement accounts (IRAs) are a special type of account that you can use to save for retirement. They offer unique tax advantages but put restrictions on when and how you are permitted to make withdrawals.
The government designed IRAs as a way to help people save for retirement.
However, the government did not want to offer high-income people unlimited ways to avoid taxes. To prevent that from happening, there are limits placed on how much people can contribute to IRAs.
One of these limits is based on how much money you make. This isn’t a bad problem to have, because it means you’re making a lot of money. Still, even high-earners need to save for retirement. If you make too much to contribute to an IRA, we’ll discuss the retirement savings options that remain available to you.
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