Savings plan: Abbr. Daily Commuter Crossword Clue Puzzle Answer from June 19, 2024

Savings plan: Abbr. Daily Commuter Crossword Clue Answer

Let’s find the answers to Savings plan: Abbr. Daily Commuter for the June 19, 2024 edition of Daily Commuter crossword puzzle. Answer Contains 3 letters. Start with I and end with A, and the possible solutions are ICA,IDA,IRA.

Here is the right answer to the crossword clue Savings plan: Abbr. featured in the Daily Commuter puzzle. The correct answer to this clue is IRA.

IRA stands for Individual Retirement Account. It is a type of savings account designed to help individuals save for retirement with tax advantages. IRAs are offered by financial institutions and come in several forms, including Traditional IRAs, Roth IRAs, and SEP IRAs (Simplified Employee Pension).

Contributions to Traditional IRAs are often tax-deductible in the year they are made, and earnings grow tax-deferred until withdrawal. Roth IRAs, on the other hand, are funded with after-tax dollars, and qualified withdrawals (including earnings) are tax-free. SEP IRAs are designed for self-employed individuals and small business owners to save for retirement.

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