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How do I choose the right type of IRA?
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The first step in choosing the right type of IRA is to determine your goals and needs. Consider factors such as how much money you are looking to save, when you expect to retire, and what types of investments you would like to make. Once you have determined these things, you can compare different types of IRAs, including Traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, and Coverdell Education Savings Accounts. Each type of IRA has its own advantages and disadvantages, so it's important to understand them before making a decision.