Q:

What are some tips for procuring a high IRA rate?

A:

Quick Answer

Some tips for getting the most out of an individual retirement account (IRA) include making contributions early in the year and researching available credits, notes Forbes and the IRS. Contributors can learn more about IRA contributions through Publication 590 provided by the IRS.

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Full Answer

IRA accounts have an annual cap, so contributors can only save a maximum annual amount, states the Forbes website. IRA contributions can take place at any point throughout the year, but to make the most of the contribution, savers should contribute the full amount as early in the year as possible to take advantage of compounding.

Some contributors may qualify for additional credits provided by the IRS, states the IRS. To make the most of an IRA account, take advantage of all available credits provided by the IRS.

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