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IRAs
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IRAs

An individual retirement account (IRA) is a tax-advantaged account that individuals use to save and invest for retirement. The Internal Revenue Service (IRS) also uses the term individual retirement arrangements (also IRAs) to broadly refer to individual retirement accounts, individual retirement annuities, and other trusts and custodial accounts that act as personal savings plans with tax advantages for setting aside money for retirement.

Things To Know:

  • IRAs are tax-advantaged accounts that individuals use to save and invest for retirement.
  • Types of IRAs include traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs.
  • If you withdraw money from an IRA before age 59½, you are usually subject to an early withdrawal penalty of 10%.
  • There are income limitations for contributing to Roth IRAs and for deducting contributions to traditional IRAs.
  • Rules regarding maximum contributions and income limits for IRAs change each year.