© Robert Kneschke/Shutterstock.com Workplace-sponsored retirement accounts aren’t the only way to save. You can also stash money in individual retirement accounts, or IRAs. IRAs boast rich tax benefits that give savings an extra edge to compound. The tax benefits depend on the IRA you select: a traditional IRA or Roth IRA. Annual contributions to both accounts are the same in 2016 as in 2015 — up to $5,500 per person, or $6,500 for individuals who are 50 or older. That said, some experts say the Roth…
Traditional IRA vs. Roth IRA
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