LA Times 401(K) Alternative Crossword Clue Puzzle Answer and Explanation from July 03, 2024

401(K) Alternative LA Times Crossword Clue Answer

Let’s find the answers to 401(K) Alternative LA Times for the July 03, 2024 edition of LA Times crossword puzzle. Answer Contains 3 letters. Start with I and end with A, and the possible solutions are IDA,ICA,IRA.

The answer is IRA.

An Individual Retirement Account (IRA) is a personal savings account with tax advantages designed to help individuals save for retirement. Unlike a 401(k) plan, which is typically sponsored by an employer, an IRA allows individuals to contribute their own pre-tax income (Traditional IRA) or after-tax income (Roth IRA) up to annual limits set by the IRS.

Contributions to a Traditional IRA may be tax-deductible, and earnings grow tax-deferred until withdrawals are made in retirement, at which point they are taxed as ordinary income. Roth IRAs, on the other hand, offer tax-free growth and withdrawals in retirement, provided certain conditions are met.

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