Is My Retirement Plan An IRA?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   An individual retirement account (IRA) is a defined contribution plan for individuals. If your deducting the contributions, you may own an IRA. In an IRA, you account accumulates tax deferred and when you take distributions, the income is taxed at ordinary income tax rates at the onwers effective tax bracket.

   Answered on August 4, 2013

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