What are the tax advantages of having an AIG Retirement account?

Having an AIG Retirement account offers numerous tax advantages. Firstly, contributions made to the account are typically tax-deferred, meaning they are not subject to income tax until withdrawn. This enables individuals to potentially lower their current taxable income. Secondly, the growth of investments within the account is tax-deferred as well, allowing them to compound over time without being taxed. Thirdly, when withdrawals are made during retirement, they are subject to ordinary income tax rates. However, as retirees often have lower income levels, they may be in a lower tax bracket. Additionally, those aged 50 and above may be eligible for catch-up contributions, which allow an additional amount to be contributed to their retirement account. Overall, an AIG Retirement account provides valuable tax advantages to help individuals maximize their savings and prepare for a financially secure retirement.