A retirement account funded with pre-tax dollars, where withdrawals in retirement are taxed as income.
Contributions to a Traditional IRA may be tax-deductible in the year they're made, depending on income and whether the contributor has access to a workplace retirement plan. Growth is tax-deferred, and withdrawals are taxed as ordinary income in retirement. Early withdrawals before age 59½ generally incur a 10% penalty in addition to regular income tax, with some exceptions.
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