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Traditional IRA | Roth IRA | SEP IRA

 

Traditional IRA

An Individual Retirement Account (IRA) in which all savings are tax-deferred. Contributions may be tax-deductible depending on your income level and whether or not you are part of an employer-sponsored plan. The maximum annual contribution to an IRA is $5,500. Investors over age 50 can contribute up to $6,500. The minimum investment in an Oak Associates Traditional IRA is $2000 (or $1000 with a monthly Systematic Investment Plan).

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Roth IRA

An IRA in which investments grow tax-deferred, and upon retirement qualified withdrawals may be tax-free. Unlike contributions to a Traditional IRA, contributions are not tax-deductible. The maximum annual contribution to an IRA is $5,500. Investors over age 50 can contribute up to $6,500. The minimum investment in an Oak Associates IRA is $2000 (or $1000 with a monthly Systematic Investment Plan).

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SEP IRA

A SEP IRA is a company-funded retirement plan where employers can make deductible contributions directly into accounts established for employees. SEP IRAs are generally used for self-employed individuals or small businesses. Investments accumulate tax-deferred and contributions can vary each year because there is not a required annual contribution. Contribution limits are higher than a Traditional or Roth IRA. The minimum investment in an Oak Associates SEP IRA is $2000 (or $1000 with a monthly Systematic Investment Plan).

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