Individual Retirement Accounts

Individual Retirement Accounts (IRAs) are savings accounts designed to help individuals save for retirement. They offer tax advantages, allowing your money to grow tax-deferred or tax-free, depending on the type of IRA. Contributions may be tax-deductible, reducing your taxable income in the year you contribute. There are different types of IRAs, including Traditional and Roth, each with unique tax implications and withdrawal rules. IRAs are an important part of pension planning, empowering individuals to secure their financial future by encouraging long-term savings.