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An IRA actually stands for Individual Retirement Account, which is actually made for a minor and is held by parents or guardians until the kid turns 18. The ideal concept of parents for making IRA accounts is that their kid doesn’t suffer from the financial crisis and that they have some sort of financial stability as they grow up, hence can start learning and saving as soon as they grow up.IRA accounts are of two types basically -1. Traditional IRA - In traditional IRA, one is supposed to pay taxes while they withdraw the money from the account.2. Roth IRA...
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