What’s the difference between a NYCE pre-tax IRA and a NYCE Roth IRA? With a pre-tax IRA, you do not pay income tax on the contributions.
The contributions and investment earnings generated by the contributions grow tax-deferred. Because you have never paid income tax on your pre-tax accumulation, the law requires you to begin taking Required Minimum Distributions (RMDs) in the year you attain age 70½; even if you are still working.
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