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What are the different types of IRAs?
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There are two main types of Individual Retirement Accounts (IRAs): Traditional and Roth. Traditional IRAs require a minimum deposit, typically $5,000 or more, to be eligible for tax deductions. Contributions to Roth IRAs are not subject to taxes upon withdrawal. Additionally, traditional IRAs have income limits that differ from Roth IRAs. Both types of IRAs provide tax benefits when you withdraw money in retirement.