What are the tax advantages of investing in a NY Life retirement account?

Investing in a NY Life retirement account offers several tax advantages. Firstly, contributions made to these accounts are typically tax-deductible, meaning you can reduce your taxable income for the year. This allows you to potentially pay less in taxes and save more for retirement. Secondly, the growth of your investments within the retirement account is tax-deferred. You won't have to pay taxes on any dividends, interest, or capital gains generated within the account until you start making withdrawals during retirement. This allows your investment to potentially grow faster over time. Additionally, certain NY Life retirement accounts, such as a Roth IRA, offer tax-free withdrawals during retirement. This means you won't owe any taxes on the money you withdraw, as long as you meet the necessary requirements. The tax advantages of investing in a NY Life retirement account can help boost your retirement savings and provide a more tax-efficient solution for your financial goals.