by Donn J. Sinclair MBA February 3, 2020
A Traditional IRA is an Individual Retirement Account that permits you to set aside funds in a tax-favored retirement savings/investment program. One of the two most important IRA advantages is that you may be able to fully or partially deduct your contributions from your current tax year federal and state taxable income. If so, then your IRA contribution should reduce your current tax year federal and state taxes. This should leave you more money in your Traditional IRA account to earn you more money in the years ahead !