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What’s the benefit of waiting to pay taxes on retirement savings?

If you’re in the prime of your career or building in that direction, your income is probably higher now than it will be when you retire. As a result, you’re in a higher tax bracket now than you will be later. This means that if you pay taxes on your savings now, while setting money aside, you’ll pay a higher percentage than if you wait. A Traditional IRA is designed to let you save tax-deferred for this reason.

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