Individual Retirement Account

An Individual Retirement Account (IRA) is a tax-advantaged savings account designed to help people save for retirement. You can contribute a certain amount of money each year, which may be tax-deductible, depending on your income and other factors. The money in an IRA can grow tax-free until you withdraw it during retirement, at which point you may pay taxes on it. There are different types of IRAs, like Traditional and Roth IRAs, each with specific rules about contributions and taxes. Using an IRA can be a smart way to build your retirement savings over time.