By Terry Savage on April 03, 2024 | Financial Planning / Retirement

I’m 78 and have a small IRA. What is the benefit of an IRA versus just having a savings account? Thank you so much, I always listen to you on WGN!!

Terry Says

Well, the money grows inside your IRA, and you don’t pay taxes until you take the money out.
Have you been taking out a Required Minimum Distribution every year? Your IRA custodian should tell you how much you are required to take out every year.

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