IRAs (Individual Retirement Accounts)

An IRA (Individual Retirement Account) is a savings account designed for retirement, offering tax advantages to encourage long-term saving. You can choose between a Traditional IRA, where contributions may be tax-deductible and taxes are paid upon withdrawal, or a Roth IRA, where contributions are made with after-tax dollars and qualified withdrawals are tax-free. The account's investments grow tax-deferred or tax-free, depending on the type. IRAs help individuals accumulate funds for retirement, providing flexibility in investment choices such as stocks, bonds, or mutual funds. Contribution limits and rules apply, making it essential to plan according to your retirement goals.