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Traditional IRA: contributions may be deductible; withdrawals taxed as ordinary income in retirement. Roth IRA: after-tax contributions; qualified withdrawals tax-free. 2024 contribution limit: $7,000 ($8,000 if 50+). Compound growth tax-deferred (traditional) or tax-free (Roth) dramatically outperforms taxable accounts over decades. Required Minimum Distributions (RMDs) start at age 73 for traditional IRAs.
Ignores taxes, catch-up, vesting, fees, and IRS limits. Match = employer pays match % of your deferral on salary up to cap % (e.g. 50% on first 6%).
Annual contributions: you $9,500 + employer $2,850 ($12,350 total / yr)