What is an IRA?

An IRA, or Individual Retirement Arrangement, is basically a savings account with big tax breaks, which makes it an ideal vehicle for saving toward your retirement.

IRAs are not set up by employers like 401(k) plans are – instead they can be set up by an individual and allow the owner flexibility and control over the management of funds. There are many types of IRA accounts, all with different rules and eligibility requirements. You can find more information on the types of retirement accounts here

 

 

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