Ricardo desires to reduce his current taxable income and save for retirement. He should consider a traditional IRA.

Question

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Contributions to a traditional IRA are tax-deductible, meaning they can reduce taxable income for the year in which they are made. Additionally, traditional IRAs offer potential tax-deferred growth, allowing funds to grow without being taxed until they are withdrawn in retirement. These features make a traditional IRA a good option for someone looking to save for retirement while also reducing their current taxable income.

Ricardo Desires to Reduce His Current Taxable Income and Save